Ann: Notice of Meeting and Independent Expert's Report, page-8

Mainly because of the EBIT multiples quoted on page 49. ASL proportionate post transaction FY 18 EV/EBIT(A) is 7.6x at $1.71.
We're near the bottom end of EBIT multiples, but not as far as quality of the business is concerned IMO. Having seen how ASL survived with a huge debt load (I thought they would be suffering a massive dilutive crap raise at that time, and was very wrong) - they didn't lose many contracts over that dire period from 2013 to 2017, so I think the contracts they have are better than the market has factored in, and hence a lower end EBIT multiple is a mistake IMO.

I ignored the price range chosen, and I disagree with that price range conclusion.

I plan to long this again once the retail issue is out, and hopefully hold for quite a while. There seems a to a bit of a vicious cycle of selling begetting more selling ATM, and maybe an overhang of stock. I think there has been some liquidation of gold holdings with the current economic troubles in Argentina, Turkey, etc as well.

Good luck