Ann: Investor presentation for Coffee Microcaps Webinar, page-5

Thanks, yes I saw that, but the trouble is that it does not tally with the most recent Appendix 2A (dated 2 October) the number of convertible prefs which had been approved by shareholders was 88.3m, compared to the 55.8m as contained in the table in the presentation pack released yesterday.

And its not as if some of the pref shares were converted between 2 October and yesterday, because the number of ordinary shares on issue has not changed from 2 October to yesterday (viz., 286m shares).

According to my spreadsheet, where I have been tracking changes in DTS's capital structure, I had 286m shares and 55.8m convertible pref shares as being correct (which is why I couldn't understand what was going on with the most recently-published App. 2A.

As it happens, I spoke to a representative of the company today who confirmed that the latest App. 2A is wrong and that the table you've provided (which accords with my figures) is indeed correct, namely 286.0m ordinary shares + 55.8m pref. shares.

Of course, even those figures will change - in a few days time after the A$5.25m second tranche of funding is received by Eldridge - to 286m ordinary shares + $96.2m convertible pref shares.

The important point to be made in all of this is that - due to the significant amount of preference shares - the market value of the company is really around $48m, which is a lot higher (36%) than the $36m figure that is derived from just using the quoted ordinary shares.

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