I am assuming your figure of 192 mill is in ref to R and D funding?, if so I am thinking that it would be significantly higher, a good guide would be to get a figure from WP and at least double it, not being smart but WP always under plays the real figures and forecasts.
Secondly you may not have factored in operational costs, over 4 years this will easily add another 100 mill plus, currently at 20 mill or so a year and reasonably expected to rise.
Could you please reference me to your 37 mill revenue figure?
With the scenario you have presented and with a figure of only 50 mill to ‘find’ I think that if indeed it was accurate the sp would certainly reflect this in a far more positive way.
Not sure about the total dilution figure, from 21 to 25 mill shares, believe it will be way higher than that when all said and done. 4 million extra shares is 20% or so of the current figure, where I am a little confused is that I see a 10% increase per placement per year alone.
Where it all falls apart for the company is its inability to not have the sp at $50 plus, at that level whole new ball game.
Happy to be corrected if I have erred in my interpretation, all Imho, cheers.
AVR Price at posting:
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