Ann: VTEM Results From Doolgunna West , page-14

If I may, a very simple example:

Two cashboxes list on the stock exchange.

Company A raises $100 million, issues 100 million shares and lists on the stock exchange.

Company B raises $100 million, issues 100 million shares and lists on the stock exchange.

Both shares trade at $1.

Company A quotes 100 million shares, Company B quotes 20 million shares and escrows the remaining 80 million shares for a year.

Is it seriously being argued that Company B's market capitalisation is $20 million?

For what use can this figure be a worthwhile valuation for future earnings or for a comparison to other companies?

Is it seriously being argued that Company B should trade at $5 so the two companies have comparable valuations?

Is it opposite day today on HotCopper?