The Crunch Is On...???, page-26

I would say a flaw is that you assume Odin will receive 10% of gridComm with your reckoning. Using EXM as an example there are three important takeaways

-EXM only got 5% of the target company so thats our starting point.
-EXM's target company probably isn't worth as much as gridComm so gridComm likely will give away a smaller percentage, though same value.
-EXM carried less debt than ODN. By taking over the existing debt gridComm will be expected to pay less equity, in the form of shares, to ODN holders.

I would think 20:1 more likely for the above reasons, making ODN's share only around 5%. Then there are still performance tranches to be issued to keep the gridComm shareholders happy. But todays price of 1c seems justified.