aqa fag packet valuation, page-5

Looks like the "fag packet valuation" was close to the mark. Pity the iron ore price took a plunge at the wrong time.
May as well move on and sell after the fin year end.

The Independent Expert has assessed that the value of Aquila on a 100% controlling interest basis ranges from $3.90 to $5.24 per Aquila Share. • The Offer is 12.8% below the low point and 35.1% below the high point of the Independent Expert’s assessed value of Aquila, being $3.90 and $5.24 respectively per Aquila Share on a 100% controlling interest basis. On this basis, the Independent Expert has concluded that the Offer is not fair. • However, on balance, the Independent Expert has concluded that in the absence of an alternative superior proposal, Aquila Shareholders are likely to be better off if they accept the Offer. On this basis, in the Independent Expert’s opinion, the Offer is reasonable.