valuation 2nd opinion

A short report which considers some 'holes' in Deloitte's Independent Expert's Report.

Very unfortunate that the board hasn't attempted to extract more value for shareholders, especially since it is giving away over $7m ($0.03 per share) of franking credits for nothing. For an example of what an intelligent board do to pass the value of franking credits on to investors, see yesterday's announcement by WCB, who are distributing them to shareholders and adding more value for their shareholders.

http://wacq.files.wordpress.com/2013/10/greencap-valuation-20131004-waterstone.pdf