The article uses 392.62 million as the number of shares on issue. There are also over 5 million unlisted options.
From Indophil's web-site
Shares on issue: 393.13 million
Unlisted options: 5.35 million
It would be more appropriate to do the maths on a fully diluted share basis (although it won't make a huge difference to the analysis).
Well done to those that have held.
