There is of course the requirement for an Independent Valuation to be commissioned by the board. If such a valuation came back at say 0.35c, then the board would have a hard time recommending 0.25c.
It is also my understanding that the Independent Valuer is not restricted to a time horizion. For example, the expert could suggest what it is worth today, and what it is worth on various dates in the future...
takeover Skip, page-403
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