Well if you are going to build a model, then you have to model in all the scenarios. After all, that's how a model works.
Favro seems to be pretty savvy with the spreadsheeting in Excel. The model he has put together is a pretty good start point. I am sure it won't be a problem.
The key figure in working out an NTA is the number of shares on issue.
We can go over the results tomorrow.
