esn & mkb - a comparative analysis, page-203

The two companies have different business models so i dont think you can compare them besides ESN's share structure is a lot different and that may impact on share price performance.

ESN SHARE STRUCTURE

2,151,122,932 Fully paid ordinary shares

38 Convertible Notes

425,000,000 Options

89,000,000 Performance Rights


I believe the 38 Con Notes are 38*25M shares at 1c each
The 425M options are at 1c each as well. 89M performance shares to directors are free upon performance whatever that is

That means potentially another 1.46B shares added to the 2.1B listed shares. This is all ok provided they get the revenues and profits coming in without having to issue more shares.

Given shareholders approved increasing the amount that can be issued over the next 12 months from 15% to 25% of ESN's issued capital one can suspect they will be issuing plenty more shares.