in all fairness, page-29

Blastoff

The best solution is to get 1 plant up next year as you need to get the sp above $3 otherwise it stunts your sp growth. However if you do that and assume 50/50 JV and double them up to clear landfill in USA by end 2015 than it does show significant sp growth:

Year 1 3.88 as before but then the next year the sp jumps to $8 and the next year to $10. The key being to issue the initial share issue above 3 and to recycle profit into development until 2015. I have not upped the Europe process or Africa etc. The model suggests that there is a process that allows you to model at what sp the issue is neutral to the long term value. I am sure they have better modelling skills than I have as they have real data. I trust them to do a good job.

Ashc36 - Yes TTC is correct if you evaluate it as he has stated and if you read page 9 it looks like they see it as such. Seems like these guys are totally straight shooters.