For those questioning if former management was forced to release the first valuation, my understanding is yes, they were forced by exchange authorities.

At the 2011 AGM, Peirhal stated that he had wished to keep the valuation inhouse for at least another 18 months, but was forced to disclose. My take was the company was not far enough along the technology path at the time and had desired to wait until further milestones were reached.

This is another reason why the new valuation is so intriguing. Not only was I told at the last AGM they would not do another valuation unless there was an offer, they have disclosed to all that a new valuation is coming and when. Gotta like that!