BYE Chart, page-87

Hi Badger

Thank you for your kind words. Sorry i have taken a little while to respond.

My concept was to show the effect of share dilution since the CEO promise of "well over' $1 a share.

You have suggested that the dilution comes not just with the extra shares but also with Byron receiving extra cash for the new shares and that has to be taken into account as well. Therefore for the CEO to keep his promise the Byron share price has to be 72c and and not 68c as I suggested. Fair point and well done raising it.

Of course there will be others that will say if he said well over a dollar within 18 months then 72c is not good enough. They may argue he should have understood at the time whether further shares were likely to be issued and accounted for that within the promise.

You use the same methodology in equating share price equivalence pre and post the CEO promise and the capital raisings (I note there were two so your figures need to be adjusted a little). This type of analysis is fine as well, it tempers my range which gives people an alternative approach to consider in deciding the true value of Byron and how quickly the shares may rise.