update out now looks good, page-6

Food for thought

Post cons. undiluted shares = 22.5 + 16.5 + 4.1 = 43.1m
Diluted, pre-capital raising = 63.7m

Development cost over 5 years @ $10k/hectare = $610m (51k x 1.2 hectares).
At 30 cts, new shares to be issued = 1.67b; @ 40 cts, 1.25b

Would shareholders from BPE and IPT agree to such dilution?

For minimal dilution, if (100-63.7=) 36.3m new shares were issued,@ 30 cts x 36.3m = $10.9m (1.78% of 610m) or @ 40 cts = $14.5m (2.37% of 610m), this amount is just too insufficient.