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Politics : RAMTRONIAN's Cache Inn
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To: NightOwl who wrote (14462)9/29/2012 11:27:10 AM
From: Peace  Read Replies (1) of 14464
 
Will they get shareholder support?

From Schedule 14D-9

Discounted Cash Flow Analysis. Needham & Company performed an illustrative discounted cash flow analysis to determine indicators of illustrative implied equity values for the Company and illustrative implied equity values per Share based on the Company’s management’s forecasts. Needham & Company calculated a range of indications of the present value of unlevered free cash flows for the Company for the projected last quarter of 2012 and years 2013 through 2016 using discount rates ranging from 20.0% to 23.0%. Needham & Company then calculated a range of illustrative terminal enterprise values as of the end of 2016 by applying multiples ranging from 5.0x to 7.0x to the Company’s management’s estimate of its 2016 EBITDA. These illustrative terminal enterprise values were then discounted to calculate ranges of implied indications of present values using discount rates ranging from 20.0% to 23.0%. Needham & Company then added the ranges of the implied present values of the Company’s unlevered free cash flows for the projected periods to the ranges of implied present values of the Company’s terminal enterprise values to derive ranges of implied present enterprise values of the Company. Needham & Company then added the Company’s cash and subtracted the Company’s debt to arrive at the ranges of implied present equity values. This analysis indicated an implied per Share equity reference range for the Company of $3.57 to $5.01, as compared to the Merger Consideration of $3.10 per Share.
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