Broker data, page-42

At SP $0.033, Mcap of $30.64mln & est cash of $2.5mln without debt, CDY's EV is $28.14mln

On the verge of multiple international Advangen rollouts, an additional $10mln in the bank ($12.5mln Cash v $2.5mln cash) should translate to a large increase in EV as well as mcap)

Lets assume the entire amount were directed to Advangen and it's US rollout and not the more valuable Mk SBU's.
$10mln - est $1mln (Rollout costs) leaves 9mln for COGs.
At 70%+ margin, this equates to 30mln in expected sales (9mln / (1 - 70%)) or an 21mln increase in cash.
$28.14mln EV + 2.5mln cash already on hand + 21mln increase = $51.64mln Mcap
This would equate to an Mcap 23.5 million above where it is today.
With 1.227mln FPO on issue, using this logic CDYO conversion would contribute a $0.009 increase in SP.

This is just an example calc. of my weighing up ROA against dilution. It highlights that a CDYO conversion is more positive for the CDY share price then lapse & the additional $10mln in the kitty should be factored into the SP as conversion date approaches.