If you value AED's stake on in thejoint venture based on what...

If you value AED's stake on in thejoint venture based on what SIPC has paid, I get the following valuation:

AED shares on issue: 154.5M

..............................per share

Cash on Hand.......350M...........2.27
40% JV.............411M...........2.66
Sub-Total..........761M...........4.93

Conv. Notes (est).(130M).........(0.84)
Net Valuation..... 631M...........4.09

Note: 40% JV value based on 60% JV interest = $617

Regards

SP