In Alpha’s fairness opinion dated 30 June 2009, we concluded that our valuation indicated that the fair value of Powel was significantly higher than what was reflected in the Offer. We therefore concluded that the Offer from a financial perspective was not fair to the shareholders of Powel. Link to the fairness opinion as well as the statement of the Board by clicking here.
The offer period expires July 10 2009. Arendals has thus far reached ownership of more than 85% of the shares in Powel.