how to value this, page-11

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    176m shares on issue plus options.

    However the 33 m held by Dovedale are for the benefit of OXX via a trust arrangement.

    Therefore as I see it these should subtracted from the 176.

    I.E 176 - 33 = 143m shares on issue + options when doing your calculations.

    Makes things look a bit healthier again.

 
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