restructure- shares still cheap

Correct me if I'm wrong here.

Shares in Gravity Capital to become Gravity Diamonds with new shareholders contributing 32 cents per share.

Current Gravity Capital shareholders to receive one for one shares in Gravity Diamonds and also one for one in Stellar resources. (with cash of 13.3 cents per share) Plus all ongoing exploration leases and work in progress.

Doesn't this make GRN currently worth-

Gravity Diamonds 32cents
Stellar Res cash 13.3 cents
Stellar ongoing 10 cents plus

Total 55cents plus. The sky is the limit if a new Broken Hill discovered in current drilling program.

Here's the announcement.

"The board of Gravity Capital Limited (“Gravity”) is pleased to announce a major new
agreement with BHP Billiton which will substantially expand Gravity’s diamond
exploration activities.

Gravity will from now on concentrate on diamond exploration and will spin off its nondiamond
assets to its shareholders subject to their approval in general meeting.

The non-diamond assets will be allocated free to Gravity shareholders on a one-for-one
share basis in a new, unlisted company named Stellar Resources Limited.
Stellar will be seeded with about A$5 million in cash (13.3 cents a share) from Gravity
to continue exploring for base & precious metals and oil & gas within Australia.
It is planned to list Stellar after Gravity shareholder approval has been granted for the
entire restructure.

After non-diamond exploration interests have been transferred to Stellar, Gravity will
acquire the remaining 60 per cent of Diamond Mines Australia Pty Ltd that it does not
already own. Once this event has occurred, BHP Billiton and sophisticated European
investors have agreed to subscribe for 33.93 million shares in Gravity at A$0.32 per
share to raise about A$10.8 million.

Gravity may earn 100 per cent of the available equity in the initial BHP Billiton DRC
tenements by carrying out exploration up to an agreed amount of expenditure.
BHP Billiton may buy back 60 per cent of the available equity in any significant
discovery on certain terms and form joint ventures.

After the restructure, Gravity will have 118,158,688 shares on issue and a cash backing
of A$13.8 million (11.7 cents a share). It will be renamed Gravity Diamonds Limited.

Following shareholder approval of the restructure, Dr R.V. (Bobby) Danchin, the
recently retired CEO of Anglo American plc’s Exploration and Acquisitions Division, who
previously headed up Stockdale Prospecting’s (De Beers) exploration programme in
Australia, will become Chairman of Gravity Diamonds.
For further information please contact: Phil Harman
Managing Director