Like Rudder, I don't think your 3b SOI figure is correct.I think...

Like Rudder, I don't think your 3b SOI figure is correct.

I think you misread the presentation and have doubled up on the 1b shares in escrow, which is how you got the 3b estimate.

On p12 - it says "Shares on Issue. * Includes shares under escrow, does not include performance rights or options".

So the 2,129,357,373 includes the 1,011,407,035 (even though it's in escrow for another 12 months).

The increase in escrow from 1,004,907,035 to 1,011,407,035 = 6.5m. Which are some of the performance rights that were escrowed until 6/10/22 (as per Announcement on 7/10/21). Another 8.75m performance rights were converted to shares.
https://www.asx.com.au/asxpdf/20211007/pdf/451dt1vph77zzm.pdf

A quick reconcile on p12:

Prospectus 1,860,942,816

CR @ .079c 253,164,557

PR converted 8,750,000 * already into ordinary shares

PR in escrow 6,500,000 * in escrow until Oct 2022.

Total as at 11/11 2,129,357,373 as per p12.

MC undiluted = 2,129,357,373 x .035 = $74.527,508 as per p12.

MC fully diluted = (2,129,357,373 + 31m PRs + 15m broker option) x .035 = 76,146,258 as per p12.

Thus, I see no gilding.