Permission given for TMA to be submitted 3 days late.
This was an interesting TMA to mark, Ian. In the first question you got your marks across the board although there were some areas of misunderstanding. have a look at the notes I will be putting up our tutor group conference when I've finished marking. They should help you nail the final point about beta and also show you how you could have simplified your compensation calculation.
In the second question you lost quite a lot of marks because you did not really consider the shares versus cash point and what extra information you might find useful. However the core of your valuation included some very imaginative work. You used the various techniques to gradually increase your understanding of what Desperanto might be worth, in a structured but creative approach. Well done.
Have a look at the notes I put up on the tutor group conference and do get in touch if there is anything about the TMA you would like to discuss.
Finally I hope your real-life negotiations are going well.