In determining the price which unquoted shares or securities might reasonably be expected to fetch if sold in the open market it is assumed that in that market there is available to any prospective purchaser of the shares or securities all the information which a prudent prospective purchaser might reasonably require if he were proposing to purchase them from a willing vendor by private treaty and at arm's length1. Comparison with the quoted price of shares in other companies is legitimate, but allowance should be made for the difficulty of marketing2. Evidence of actual transactions and of previous agreements
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