Commercial Launch, page-82

exactly right. You cannot add out of the money options and performance shares unless you take into account that if they do get issued then the business will be at a different point in its life cycle and most likely sit at a much higher share price due to better fundamentals.

That's the whole point of performance shares, to give management some incentive to add business value

Some of the competitors they mentioned in the presentation are not really competitors.
In the announcement on 16th June Jeff Young said they chose Zyber over the likes of Dropbox because of its unique differentiation.

Dropbox is valued at US$5 billion and another cloud based share SaaS company Box Inc (NYSE:BOX) is valued at around US$1.6bn.

So is Jeff Young just being a good mate? Perhaps. But it would be good if Ben Daly clarified these unique differentiation via a new presentation and a road show.