Why 100:1?, page-3

Wow, sorry about the formatting there, I thought I would be able to just dump an excel sheet.

What I mean by efficiency : At a higher price the spreads are reduced, therefore the VWAP (I've assumed a 50/50 split of trading range for simplicity) will be closer to the trading range if new capital is issued. A higher efficiency score indicates that the company will be able to issue new shares at a better price than a lower efficiency. What that means is less dilution for current shareholders.

I'll try to dump a better looking table.