If I go back to the old RBS research note they had a valuation of 2.8 - 5.5 cents per share based on a DCF valuation and fully diluted with a CR that never happened.
If we take our current situation we get a valuation of 3.6 - 6.9 cents per share, because we have avoided the dilutionary effects of a CR. (And at that SP we will have had all the oppies converted and have an additional $26 mil in the bank to put towards development) So you can see even with the dilutionary effect of exercising 1.3 billion options, the cake is still big enough for all to have a good slice.
AWD Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
