Nobody I know. I was just trying to build a baseline case AND also come up with an EV number reflecting the current share price.
Run the numbers on option conversion and add cash to EV. It doesn't affect valuation per share (although I must admit I assumed all 50mil outstanding were to be converted 30/9 which I haven't verified). Except the company will have almost $20mil in the bank. It is probably in existing shareholders best interests for the options to be converted (even if they are holding none themselves).
Agree re SLR.
AAG Price at posting:
17.5¢ Sentiment: Buy Disclosure: Held
