report not the reason, page-20

re: background info...b2 Brunette-two...

You posted...

"T4P . CPC.Your cash backing per share is overstated on a fully diluted basis . The fully diluted mrket cap would appear to be as high as $70 .
Do you have any of these shares by ay chance ?
B2"

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You are correct, I didn't allow for total shares on a fully diluted basis and therefore the cash backing per share is incorrect...however, when you include the options, it only improves the cash backing figures, which is why I didn't bother working it out on a fully diluted basis...and yes, I do hold both shares and options in CPC.

Anyway, in the interests of a fully informed market, I have calculated the correct figures for you.

Shares on issue:
144,106,667

Options:
45,166,667 (listed ex. 25c)
20,000,000 (unlisted ex. 25c)
20,000,000 (unlisted ex. 30c)

Therfore...on a fully diluted basis, CPC have 229,273,334 million shares on issue... x 31c (current price), gives a market cap of $71,074,733.

However on that basis, due to the options exercise money, the new cash backing becomes 14.17c per share rather than the 7.0c I initially suggested.

Thanks for pointing that out!

Of course, we also have apply time discount factors on the various conversion dates...but lets not get too bogged doen in the nitty gritty.

The point is they already have a pretty good cash backing...and the serious income hasn't even started yet!

Cheers!