If I may, a very simple example:
Two cashboxes list on the stock exchange.
Company A raises $100 million, issues 100 million shares and lists on the stock exchange.
Company B raises $100 million, issues 100 million shares and lists on the stock exchange.
Both shares trade at $1.
Company A quotes 100 million shares, Company B quotes 20 million shares and escrows the remaining 80 million shares for a year.
Is it seriously being argued that Company B's market capitalisation is $20 million?
For what use can this figure be a worthwhile valuation for future earnings or for a comparison to other companies?
Is it seriously being argued that Company B should trade at $5 so the two companies have comparable valuations?
Is it opposite day today on HotCopper?
Ann: VTEM Results From Doolgunna West , page-14
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