Yes you are correct.
Lets do that calc again so issued share capital as at 21 July 2008.
3,121,339,730 ordinary shares
28,641,665 unlisted options
US$105,000,000 of convertible bonds outstanding which represents 111,111,111 shares to be issued.
so if the 1.5 billion used to purchase $1.90 shares then about 789,473,684 shares or 25% of ordinary share capital is purchased.
That means the share price should rise to $3.66 just on restricted supply.
Ryan
