Not Listening 14 - Again, with the greatest respect the company...

Not Listening 14 - Again, with the greatest respect the company doesn't even know what their costs will be so how can you?!! And as for for taking current spot prices to model future profitabity is an absolute No No when it comes to conservative analysis. You also have not put in any costs.

Also, I believe that you need to factor in greater dilution as apart from the existing swathe of outstanding options there will no doubt be a further bucket load of free attaching options with any upcoming placement - assuming that the company stays true to form and sticks to it's past placement formula.

Whilst I might sound negative I am not. I still believe that there is true value to be found in this company - it just won't present itself as soon as many (myself included) had hoped for.