Valuation of FRY shares, page-12

See table on p.3 of the acq Ann.

639M fpo, plus a range of options that will bring varying amounts of capital in to the company. Again, I'd have preferred to see higher exercise prices but what can you do.

67M performance shares: The performance shares will convert into ordinary Fitzroy shares upon the company announcing that a suitable independent expert has delivered a report to the company confirming that 4D-S has achieved endurance consistency, as defined in the BIA.

i.e. we'll see 10% dilution to the register when 4D-S basically prove, independently, that the memory is the real deal and has one of the key properties required for commercialisation.