enormous announcement must read, page-12

re: placement at 30 pence Finch, where do you get 12 cents from. They are selling 21% of African Energy for approx A$6.5 million. They will still retain 79%. this 79% stake could be valued on the same terms as above for A$26 million. Therefore 100% of African Energy which EVE held has a value of $31.5 million. The market cap of EVE is currently $34 million, however, includes other assets other than African Energy, therefore the placement is more closer to 17.5 cents then your 12 cents.

Please explain your calculations of 12 cents?