Mkt cap is $17m based on quoted shares on issue - a meager 304.5m shares. However, this disregards the following issued capital:
55,307,715 Options restricted
284,958,350 Restricted Fully Paid Ord
215,041,606 Restricted Fully Paid Ord
127,770,858 Performance Shares restricted
Potentially an additional 683m shares (assuming performance hurdles are hit and options end up in the money and exercised).
Hence, fully diluted, I think mkt cap is $55m. However, if you exclude the options and the performance shares, then fully diluted the mkt cap is $45m. Either way, it's much higher than $17m...which is a shame.
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