Ann: Third Bidder Supplement and increase of Offer Price to $1.00, page-26

From 31 AUG 2016 of Foxleigh transaction

I will ignore the current Debt of $77m for this exercise.

21 months since Foxleigh transaction.

Cash $100m
Debt $64m
——————————-
$36m cash

$36m over 21 months = $1.71 mill average per month they are generating Net cash

Average over 1 year Net Cash minus debts = $20.5 mill

Those attacking Taurus management, let me remind you Foxleigh transaction wouldn’t have taken place without there input and financial backing.

Taurus offer of $1 is more than fair.