Observations from the NOM, page-56

mnb I think meringo has a valid point.

There will be x3.79 dilution after performance shares are issued. My opinion is that the performance hurdles are very low but even without them the dilution factor is x3.03 so I don't think that scale of dilution can be dismissed lightly.

We don't actually know any revenue figures apart from the Dec 2015 amount and yes it looks good on a GP basis but who knows what the EBITDA will be in the new entity, it's a complete guess.

Yes I understand potential etc but I think there's a difference between being fair to the founders GG and AR, and gouging SHs. I could be completely wrong of course and the income means the # shares on issue won't be a problem but almost 2.5 Billion shares is big number in my book and will take a few years of spectacular growth or a consolidation to make EPS a meaningful number.

The other consideration is that 50% of the coy will be owned by 2 SHs. That is a concern to me.