the running of the bulls on the asx, page-65

I understand the P1 valuation is not any ordinary valuation - it is a valuation to be included in an Information memorandum / disclosure document.

ASIC is very strict in governing these valuations - see http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg170-010411.pdf/$file/rg170-010411.pdf

Specifically, hypothetical or best estimate assumptions are definitely not allowed in any of these valuations.

Given what happens to P1 in the future is all hypothetical (ie its success in take up rates / China etc) and there is no historical financial information to support the P1 business plan (as ASIC requires), I wonder how ASIC is going to approve the valuation?