Dan,I understand that the approach to valuing the all of the...

Dan,

I understand that the approach to valuing the all of the shares in ZEN is to (a) identity the future maintainable EBIT or EBITDA (b) multiply by the appropriate multiple and (c) subtract net debt. Past earnings which haven’t been distributed to shareholders will have been either been reinvested in the business to grow EBIT/EBITDA and/or used to reduce net debt. As such, they are reflected in (a) and/or (c). So, if I have the valuation approach right, there is no basis for the retained earnings being paid in addition to the value of the shares.

Happy to stand to be corrected.