I wouldnt hold my breath on that. I assume that their report...

I wouldnt hold my breath on that. I assume that their report will confirm same and us shareholders will get reamed with no $ consideration.

I believe the major shareholders and CBS are playing everyone for fools (and so far we have been falling for it) and are actually working in unison to secure ten at a dirt cheap price and minor shareholders have no legs to stand on. The valuation report will have whatever they want in it and it would be in their interest to have a low figure on it.

I wish I could be more optimistic but I have accepted the reality that my investment will be gone very soon whilst ASIC do nothing more than pretend they are acting in the small shareholder interest. Trawling through past disclosures/announcements indicate that 4 years ago TEN had negative equity and was kept on life support to enable the public to be milked with multiple cap raises. Now it has some good years ahead and hundreds of millions of dollars worth of tax losses and franking credits to offset the profits, it is now time for the sheeple to be offloaded with NIL consideration.

All I can do is acknowledge first hand that ASIC do not effectively serve their purpose unless it is to the detriment of smaller holders. In the lead up to VA there was clearly non-disclosure of material matters regarding these guarantees and Lazard were given a heads up to sell down their 10% stake (which represented about 25% of all available stock when not including the large shareholders). Asic never made any queries until Lazard had exited it appears.

I can only pray some sort of miracle occurs to stop this but consider it unlikely.

There are lessons to be learnt and the key ones for me is:
1. ASIC will not protect small shareholders even though their role is to do so
2. When it is well known that major holders want to take full control. Never assume they will offer monetary consideration when there are ways within the legal system that they can steal it. If they offerred 20c a share it would have only cost them about $30 million but they would rather pay professional advisers millions to facilitate a shareholder shafting.
3. Expert opinion reports are only expensive documents that are generated to serve the purposes of the initiator and usually are not independent.
4. Always look at the fine print in the financial statements and go back at least 5 years as that way you can see how much milking of cash is occurring at the company. (too bad we dont have access to the profitable ventures that were established outside of the group which are worth a lot and which has had establishment costs expensed to TEN in previous years but not considered an asset in the VA exercise. Based on some research it appears that Ten has considerable equity in Elevenco and are awaiting distributions of $35 million fully franked to be received which has been historically earnt inside Elevenco which it is a 66% partner with CBS (33%))