To answer my own question, there appears to be approx 33 millions options on issue for HGO, according to the Annual Report, which are exercisable at a value greater than the current share price, on average. 481 + 33 = 514, which would match Yaqona's fully diluted share base. In this case, I would ignore the options at this stage & just go with shares on issue now to determine cash backing. I get a value of 27cps (not including tax liability). Cheers, Z.
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