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Ann: Hartleys Research Coverage Initiated , page-18

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    Fully diluted market cap is useless you need to look at the Enterprise Value or EV which is Makret Cap less cash or fully dilute market cap less cash plus money from Partly Paid Shares or options

    @ 30c PVDs Mkt Cap is $14M with $7M cash so an EV of $7m

    Or Fully Diluted @ 30c is $20m with $8.5m cash so an EV of $11.5m either way cheap cheap
 
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