Based on the above, we are of the view that the Offer for the Offer Shares is NOT REASONABLE as Holders who do not wish to accept the Offer would have the following options: (i) to continue to hold on to their Boilermech Shares as QL Resources Board envisages that the biomass and solar energy sector will provide a strong growth impetus to Boilermech Group due to the rising demand as the preferred renewable energy sources as stated in the rationale and the Offeror’s future plans for Boilermech Group as stated in Sections 3 and 8 of the Offer Document respectively; or (ii) to trade or sell their Boilermech Shares in the open market if the market price is higher than the Offer Price as the trading of Boilermech Shares is liquid.