Ann: Results of Meeting, page-69

To clarify, the enterprise value of GSW is $106M. Fully diluted, after taking into account stocks under escrow, employee options and performance rights that aren't to be exercised for a while still, then the EV of GSW reaches $209M.

In other words, HC does not display the current (basic share outstanding) EV of GSW, it reflects the fully diluted value.

$106M EV is quite small relative to the runs seen in BUB, BIG, etc.