Panel reasons have been released. I commend all former and...

Panel reasons have been released. I commend all former and present shareholders to read the entire document. Note specifically the following excerpts.

http://www.takeovers.gov.au/content/ListDocuments.aspx?Doctype=RD

Para 15.
Macrae sought a review on the same grounds as its initial application and the additional grounds (among others):

(a) another expert’s report valued “Bowen’s EPC 930 tenement at $10-$20 million with a preferred ‘conservative valuation’ of $12 million, valuing Bowen’s 40 per cent share at $4-8 million, with a preferred value of $4.8 million”. The technical expert’s report valued Bowen’s 40% share of EPC 930 at $0.9 million. Macrae submitted that the technical expert’s report had “substantially misinformed the market as to the value of Bowen’s assets”.

Para 53.
Macrae submitted that the technical expert did not include a number of possible values, including the “value of any Joint Venture commercial mechanisms that have value such as call or put options on assets, loans, funding commitments by Bhushan and projects that Bowen is “free-carried””.

Para 55.
Macrae submitted in response to Bowen’s submission that the value of the joint venture agreements should be estimated, otherwise Bowen has sold 85% of EPC 1045 and 1206 and 90% of EPC 1001 and 1002 for no consideration. We agree with the logic behind Macrae’s submission.