What Will Be The Crunch?, page-4

My expectations are with yours, though its pointless to speculate exactly the dilution until you have an estimate on Gridcomms net equity value (which I dont - does anyone else have one?). But as I have argued before, the current valuation of Gridcomm is not primary in what will determine our returns. If Gridcomm has been improving its future earnings over the past months then the dilution may increase, but the amount of value passed to us will be roughly the same.

No doubt Alex and Mike have argued over this estimation too. When the dilution is decided I believe it won't pass much bonus on to share holders - ODN market cap is already priced at roughly the value of a listing cost. The return lies in how much more the market values Gridcomm relative to the private value implied in Alex and Mike's deal. Companies nearly always go up in value once they are public and I think the market will react positively. But I wouldn't expect more than 2 or 3x, even less is possible - though the initial spike will prob go higher if we can catch it.