focus on the real issues, page-33

Hi Reiner

I recall that, but knowing those blokes, I tend to agree with Muzza that they pulled the figure from somewhere round the back and then rounded it (by how much, who knows).

Either way, $20m for a clean listing (all BTA Directors, no dilution, higher market cap - i.e. no SP drop) etc etc, in hindsight might have been a more acceptable deal.

In hindsight - maybe/maybe not.

Can someone run the figures of say, $20m (and $10m) cost to float outright versus the NABI dilution?