cqt merger with cah = ??, page-3

Cordan,

I stand to be corrected but my understanding is that for every ten CQT shares, you get 3 shares in Evolution. Grant Samuel today valued CQT at between $0.61 and $0.70 per share, Evolution at $2.01 to $2.25 per share (pre-acquisition)and $2.12 to $2.38 (post-acquisition and associated dilution).

None of this comes with any guarantee, Grant Samuel were engaged to independently confirm that the merger is 'fair and reasonable' and after the regulator's intervention, made a qualified judgement for the latter.

In spite of that and despite most other CQT holders being very negative, I actually think the merger is a good thing for us in the longer term (which is where I am looking).

Hope this helps,

Nick