More musing and figures

Hi All Egoites.
This ERM proposal has got me utterly confused, I have given more thought to the deal and tried to look at as simply as possible my musings are below.
Please check the figures as I may have made some monster boo boos.
ERM currently have an approx 17.5%holding in Our Perth Basin tenements, and own approx 23% of the RedGully plant. I haven't searched their holdings in the Canarvon Basin but I have attributed nil value for ERM and EGO alike although the 4 tenements to be retained could be valuable to us to develop or sell to help pay ERM for Perth Basin.
Rightly or wrongly to save time I have assumed around 17.5% of EGO based mainly on their holdings in the Perth basin and the RG plant.
I am puzzled at how they arrive at the 16.4 million for 17.5% of EGO as if 17.5% is worth 16.4 million the market value would have to be 93.64 million or there abouts which is more than twice our actual MC.
I then thought about the profit to ERM which are quite incredible as if they take a further10 % in the cap raising say at .009c this would give them 20% of EGO for an average of around
1.2c per share. This would bring the cost of their 20% to somewhere around 15,120.000
So if my figures are somewhere near should the SP go up to 2.2cents this would give ERM 1 cent a share profit which on their 20 % holding would be $12,600,000
If top up invoked a 1 cent rise would bring in another $11,480,000
plus the original sale price to EGO. $16,400,000
So If my figures are any where near correct total payment. $40,480,000 to ERM.
If my figures are within cooee (and they may be way off) then ERM will receive almost as much for their share as the current market cap whilst in addition retaining their original investment. If these figures are remotely correct I am sure we are to get some major Ann's in the very near future. I'm exhausted.
ally