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  "notes": "Includes sensitivity tables for P/E multiple and Perpetuity growth rate against Cost of Equity.",
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      "text": "Components of present value",
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      "text": "Assumptions: All projections provided by Pine management; Valuation as of YE 2017; Uses mid-year discounting; Company keeps capital structure the same going forward",
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      "text": "(a) Calculated as $221.4mm of carrying equity value divided by 201.7mm diluted shares. Source: Pine projections prepared by Pine Management and are pro-forma for sale of Tecmo; FY 2017 pending KPMG audit",
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