I was making the comment more on MacQuaries pricing model...

I was making the comment more on MacQuaries pricing model really.

Hardman because of its high spec nature probably doesn't fit a LogNormal distribution very well, although MacQuarie upping the fair value price by a factor of 100% is a bit rude.

It may be the reason why they have a 2 for 1 ratio on the warrants, just to put a simple mirror infront of someone who does a simplstic calculation of whether the warrant is fair value or not.

My judgement is that its not fair value but an all or nothing play. If you believe that Hardman will be greater than >>>> $1.14 by January 2003 then its a good buy. But it leave little in the way for a safety margin. hence in my view its an al or nothing play.

Just my opinion.