Cane, the current MC is about $72 million. The punters who...

Cane, the current MC is about $72 million. The punters who bought over one million NOX options for 20 cents or more in recent days certainly do not expect it to take two years for the MC to reach $100 mil - equivalent to 47 cents per share.

By paying 20 cents for an option that costs 30 cents to convert, they need the SP to reach 76.5 cents just to equal the return they would have achieved if they had simply bought fully paid NOX at 33 cents.

It will be interesting to see whether any licence deal happens. I use a simple rule of thumb: a deal worth $1 Billion is roughly equivalent to $5.00 per share. I could live with that.