Ann: Company Transformation Announcement, page-173

I don't know how they justify all this dilution (1.2bil shares for only 45% of MCL when QBL SP is now 5c), when the original 55% purchase of MCL only cost 49 million shares with the extra 50 million shares attached for performance when the QBL SP was about 2.5c being generous.
How has the worth of MCL increased so much in a short period of time when they only make a loss and sell a few seeds???
Its gone from $1.225 mil @ 2.5c for 55% to 1.2 bil shares at what think is worth 8c with market price of 5-6c, thats about $60 mil which results in an increase in value of 48 times.....wtf Have i worked this out right and then it gets worse because QBL SH have to issue more shares for the new Ausmed MM license holding company.
No way i can justify this increase in valuation with no financial result or binding future supply contracts for global MM products.
when QBL has 3 bil + shares on issue at 5c per share that gives it a market cap of 150 mil or at 8c gives then $240 mil, for what???  If this all goes through, MCL SH have done extremely well on paper as it stands today imo.

Heres the link to the 55% aquistion of MCL about 15 mths ago....

https://www.asx.com.au/asxpdf/20170303/pdf/43gjzhf0pcgbxk.pdf