valuation is a farce

MOS has sent to s/h an Independent Experts Report, which comprises a valuation of MOS, and its shares.

IMHO, that valuation is a joke.

When AGL made the proposal to acquire MOS, it stated that the reason it wanted MOS was to get hold of the UGS project. Thats the reason - not the Waggamba oil fields, not the NZ j/v permits, not the LPG facilities - but the UGS project.

AGL statement said:
?The underpinning rationale for this investment is the creation of a gas storage business as
part of AGL?s integrated strategy underpinned by contractual arrangements with the BG
Group that will support the development of their Curtis LNG Project.?

SO - how come the Valuation subscribes NIL value to the UGS project ???!!!
Thats' NIL - ZIP

If the UGS project has no value, why does AGL want it?

PW & CO say:

"163. On the basis that Mosaic has been unable to realise value from the Silver Springs
facility and the value recognised by AGL in relation to the asset appears to
represent special value which only it can realise, we consider that the value of the
storage facility on a fair market value basis is zero."

How can the MOS directors, and PW & Co say that the UGS project is worth nothing, when AGL has based a multi million dollar contract and business, around that very asset?

How much extra value would each MOS share be worth if that asset was valued properly?

this T/o is a disgrace.

If the hedge funds are stupid enough to sell into this Scheme, then silly them.

But we smaller s/h are being shafted again.