positives from ann, page-19

I gathered that is what you meant but you were not comparing apples with apples on the valuation. SDL have not doubled their long term selling price. In fact they have consistently held it in the same region. Which IMHO is an extremely conservative number, which will only add to our value when the actual price achieved is greater than this.

I was just trying to highlight that you cannot divide $/t by 100 and end up with c/dmtu as you seemed to be doing.