Not sure if the above is right??? All the doc's I have found indicate there are 108m ordinary fully paid shares all but 61m are restricted. The 47 million of restricted shares are those owned by the vendor at the time of the float and they are currently unlisted and unable to sell them for about 12 and 24 months from float. There are only 10,000 convertibles, not sure of the conversion terms however I doubt they are material in the grand scheme. However there are also 105m options. but the strike price is well beyond the current price and 4 years out so i think you have to discount them at current prices they are too low to excercise
Shares: 108m (listed and unlisted)
Cash: $1m
Spinel: $4m (I discounted Spinel. They spend $4.6m)
VPE 18.4%: @ 30c = $22m
*ODN NTA = 25 cents
(VPE component 22m / 108m = 20cps)
VPE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
