There is to be 420 Million raised at 60 cents450 Million at a 90...

There is to be 420 Million raised at 60 cents

450 Million at a 90 cents strike (converted over 5 year period)

330 Million at 65 cents (conversion within 2 years)

If we assume a US/AUD conversion of 81 cents

the maximum shares that can be converted are 2108Million. That is if the currency conversion remains the same, which it won't. i.e. There will be 3150 plus 2108 million shares = 5258 Million Shares....quite high.

The initial dilution would most likely be 865million new shares. The rest being converted later.

The key to the assessment is what will they make from the other operations (i.e. other than PH) if for eg. they can make at least 66% of the NPAT of PH then we will be OK.

EPS will be the same as if PH went alone. However it does rely on future prices of the commodities.