Peters and Co., Disclosure Problem Page 280 Circular
"Fairness Opinion and Reliance
Based upon our analyses and subject to all of the foregoing, Peters & Co. is of the opinion that, as of the
date hereof, the Consideration to be received by holders of AvenEx Shares pursuant to the Arrangement is
fair, from a financial point of view, to the holders of AvenEx Shares.
This Fairness Opinion may be relied upon by the Board for the purposes of considering the Arrangement
and its recommendation to the holders of AvenEx Shares with respect to the Arrangement and may not be
published, reproduced, disseminated, quoted from, or referred to, in whole or in part, or be used or relied upon by any person, or for any other purpose, without our express prior written consent."
Let's summarize: verbal opinions, unaudited financial statements, so far no shareholders' vote on sale of Elbow River, last year's (2011) reserve reports, big pay-offs to management at Pace and AvenEx, Peters and Co refusal to make detailed fairness opinion available to AvenEx's shareholders, and Charger's demand loan to be reviewed by the bank on March 1, 2013.