Great letter Taz and well done on your efforts to date. If you...

Great letter Taz and well done on your efforts to date. If you haven't passed this to the AFR yet, I would suggest you do.

The EIR is pathetic. I feel the conclusion was pressurized by NTC Management to coerce shareholders into approving the deal. "Here's the number we need, and this is why it makes sense".

My biggest issue (amoung many) with the valuation is the revenue figure of $160m based on analysis of 5 year historic average. Its a high growth company so its completely irrelevant that the company generated $74m in FY15. WTF sort of methodology is that! Its an entirely different business today.

The guidance for FY19 mid point is $213, that's the peg in my view. Management know whether they are going to hit it now and I regard the figure as effectively historic, if they didn't know guidance would be lowered.

I would also be interested to know what revenue guidance is for FY20F. Most likely significantly higher than FY19 which again we get no value for in the EIR.

This is just one of my issues with the valuation, I have many but don't have the time to spend voicing them. What I will say is that is 100% agree with the content of this letter and its a firm NO from my perspective.