abdmThanks for a careful analysis.One point though. You say: "On...

abdm

Thanks for a careful analysis.

One point though. You say: "On this basis, one may be encouraged to question whether P1 owe a duty of care to TTV shareholders - I would guess the answer to this question would be, no."

I'm sure P1 has a duty of care only to itself.

But when I asked about duty of care I was thinking of the responsibility of the existing directors of TTV. They are listed at

http://www.twowaytv.com.au/about_us/board_management.html

Stuart McGregor - Chairman
Ben Reichel - Non Executive Director
Gerald Tan - Non Executive Director
Chris Grant-Foster - Chief Executive Officer & Director Sales & Marketing

It is these people who must conclude, in good faith and before they finally sign off on the deal, that P1 is worth $200 to $300 million. Would they not be vulnerable to existing TTV shareholder legal action if they did not show the duty of care that I am sure they will show.