A DCF valuation of a start-up company that assumes funding will be obtained and commercial production will commence in accordance with a business plan is unreliable where those assumptions are not made out and did not in fact eventuate. Where an expert's NAV valuation identifies a range, the court should not adopt the bottom end of the range unless the qualifying factors justifying a discount are properly established. A minority shareholder deprived of shares by unconscionable conduct is entitled to recover the proportionate value of those shares as a proportion of the company's total value.
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