Show me the money, page-84

I think that is too simplistic...

This will assume that the shares on issue increased with money all to be burnt with nothing to show. An increase in shares on issue will see AVB fully financed to production. A new value will be attached to it (producer) and this will be determined by the market.

Should we have gone the debt route, this will just make it look nicer on a market cap perspective but in reality not mean much on an enterprise value perspective (Market cap + debt - cash). Example TGS 80m+ market cap but hold 160m+ interest bearing debt. Looks cheap but in my opinion a bit risky on the debt/country/political risk side.