Tokyo's stated 38c/share. Do people agree the following is a correct calculation?
Based on data in the March 2012 quarterly:
Number of shares on issue 322,974,494
Cash balance $143,765,000
Gives 44.5c per share
Plus we have 100 of the $250,000 convertible debt at $3.22/sh worth $25,000,000. As the current sp is much lower, it won't be valuable for the note holder to convert to shares. So the debt will probably be rolled over. If repaid in cash, cash backing becomes 36.8c.
All the stock options are out of the money and ignored.
cash backing per share
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