Investor Update, page-145

Thanks, Gloucester28,

No, the maths is OK, but my attention in my detailed reporting is deficient! Indeed, it should be the putative 500m shares, not 500k. (Actually, as many know, "k" was originally in the computing the square of 32, namely 1024 (as it still is). So we are very loose when we use it to denote 1000.)

I agree with CaptainBlood - the 500m is just another of the assumptions. The more the assumptions, the more rubbery the conclusions. But the writer has laid those assumptions out for all to see. I think we all need to take a chill pill about the valuation's assumptions, but pay attention to the method, which I think has sought to be rigorous. An example? Some timelines, market shares, royalties . . . .

"Base case. For our base casevaluation, we assume that Anteo’s market share grows from 1% in 2022 to 2.5% in 2030 and beyond using Market Model 1, with Anteo earning a3% royalty.

Optimisticcase. For our optimistic case valuation, we assume that Anteo’s market sharegrows from 1% in 2022 to 7.5% in 2030 and beyond using Market Model 2, with Anteoearning a 5% royalty. In effect, a slower decline in manufacturing costs for lithium-ion batteries means greater market share for a technology that can make for more efficient batteries."

My take from this valuation approach is not to deride or challenge the method, if only because market movers work with those valuations all the time. They would not be their only guide - I certainly hope not, as I would expect they would be also assessing issues of Board and executive management, IP protection, quality of science, etc etc. What we can do is play around with the assumptions, or if necessary point out where we think they are incorrect. It is a conservative report, as I think it needs to be.

Why was it commissioned? When? For some lead time would have been required? As others have pointed out, much recent news indicates moves afoot. I suspect some hard negotiation is proceeding, with the Board and senior management living in exciting times.