Baillieu Valuation of VEC, page-157

Once again, I didn't post it but the workings on how the pricing is arrived at is all clearly explained in the report. the 27c is a result of what may happen not just a number extracted from air. The accuracy or validity of the calculations can be challenged of course. However I can't see how they can be challenged by the ASX unless there is glaring misrepresentations.
Did you actually read the report in its entirety? Fair amount of 'what if' in there also because no one can predict the future.