MIG 0.00% 4.4¢ a.c.n. 059 457 279 limited

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    ernst & young conclusion

    We note that the primary advantage and the main purpose of the Restructure Proposal is to encourage a
    net re-rating of Intoll and MQA securities relative to the existing MIG securities. Many of the advantages
    referred to above would be expected to contribute to such a re-rating. A net re-rating would mean that the
    securities in Intoll and MQA combined would either initially or over time trade at values nearer to their net
    asset backing than do the current MIG securities.
    While in this report we discuss a number of factors which we consider should contribute to a net re-rating
    of Intoll and MQA securities, we note that there is no certainty that this will occur. This is particularly so
    for MQA securities where it is possible that they may not be rated as highly as MIG at present. The
    ultimate value of these securities is likely to be determined and realised over a longer period as the issues
    facing the MQA assets are addressed.
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