Updated Argonaut Note, page-7

A x B = C, 

or C/B = A, C/A= B

A, being shares on issue, 1,261,185,118 + 183,647,896 options (thay are in the money, so they will most likely be shares in the future) + performance shares ~14m = ~1,459m

B, being estimated value, 40 cents

C = A x B, or $1,458,833,018 = $583,533,205 x 40 cents

C/A = B, $1,458,833,018/ $583,533,205 = 40 cents

this seems plausible. If not where does the 40 cent valuation come from? It can only come from the Net Present Value equiproportionally divided amoungst the total possible shares on issue