Ann: Trading Halt, page-64

First, the potential acquisition will be value accretive, meaning it will add to the market cap and valuation of the company, regardless of share issue.

Second, we're speculating on a range, forming an expectation of what the price could be, that's why they're called spec stocks. Even valuations on well established, cashflow generating companies are hard to value and the market misprices all the time. In my 20 years of trading speculative stocks, I've yet to meet one person who can make an educated evaluation.