only it's notthe acquisition costs 51.5m sharesplus in the money...

only it's not

the acquisition costs 51.5m shares
plus in the money oppies there's 110m on issue

so it's really $25m, with $3m cash

with very little stock for sale, to buy you're paying $30m. that's a lot of director premium for $30m

call it downramping if you want but I wouldn't be surprised to see $20m well before you see $50m