With 71.7 M options and 1.3 M in the ESOP I get 454.9 M TAS bits of paper fully diluted. TAS options are exercisable at 5c so safely in the money. For simplicity I'll ignore the $3.6M that TAS options would bring in from any EV calculations as it is not material. The EDE/EDEO value per TAS on a fully diluted basis therefore becomes 43.5 cps not 52 cps (which is still "interesting"!) or have I missed something?
TAS/EDE relative values, page-403
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