Thanks Capman,
I understand what you are saying. My figures are simply based on the maximum amount of farmin available as outlined in the announcement/agreement, which allows them to effectively own 20% of CTP.
If they do chose not to fulfill their entitlements according to the agreement (as it stands) we would still own a larger portion portion of the ground as CTP holders so they wouldn't get the 20%.
Your 22.5c figure will not buy them a 20% share in CTP as far as I'm reading it until they were willing to spend the full $170 mil on exploration. Feel free to correct me if you see it differently.
qgc takeover, page-45
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