I've just been playing with some figures to workout avx's increase in value following the phase 2 results, less cash raised.
Prior to the phase 2:
264m shares (fully diluted) x $0.68 (sp) = $179m
After (assuming full take up)
406m shares (fully diluted) x $0.78 (sp) = $316m
$316m - $179m - $72m (cash raised) = $65m
or an increase of about 36%
