Ann: Notice of Requisition for EGM, page-184

Pardner,

Not sure what you are trying to indicate.

If SMN issued rights to buy shares @ 62c on a 1 for 6 basis then (I will take your figure) 121.5 million shares divided by 6 = 20.25 million shares.

20.25m x 62c = $12,555,000.

If current market cap is $117,855 then add $12,555,000 = $130,410,000.

Total shares on issue if all rights exercised = 121.5m + 20.25m = 141.75m

$130.41M divided by 141.75m = $0.92 per share theoretical value.

Chances are that not all rights will be exercised which would mean the theoretical value would be higher.

If only half the rights were exercised & $10.125m raised the theoretical value would be $0.945 per share.

Your calculations do not allow for the exercise of the rights raising 62c per share.