the IER is finally out.I have not properly read IER, but skimmed...

the IER is finally out.

I have not properly read IER, but skimmed a couple of pages.

As you would expect, LLC this morning trumpets that the IER states that the 31c is "fair and reasonable".

But importantly, the IER says that the range of values is between 28c - 38c !!!

So presumably, the fact that 31c is within that range makes the offer "fair and reasonable".

I have not yet established answers to my questions as to:
why directors accept an offer based on NTA - ie excluding goodwill etc, instead of Net Asset Backing
- why the directors of LLP have just signed off accounts where they say LLP can meet its funding obligations (incl repayment of debt due next June)
- why LLC says we need to find $300m - not the $110m that LLP said we needed.

Given the market reaction, I think this baby has more action on the way !!

cheers for now