You are way off the mark. You have to allow for value for the...

You are way off the mark. You have to allow for value for the debt reduction. If the debt is converted to equity then there is no debt. Therefor you have to value the company with and without debt as well as value it with and without dilution. Maybe the debt equals the dilution in value depreciation, maybe it does not, but it must be taken into the equation.

( No position. I've converted completely to CER where there is no dilution and the loan conditions are not as onerous in my estimation.)