esn & mkb - a comparative analysis, page-231

Apols, I used 30c which is wrong. Think I had a few too many Oz day frothies! However, you should always use fully diluted to work out true MC and how many bits of paper are out there.

As far as how many CN's will be converted, just assume all of them will. More importantly, assume all the options will given current share price - which feeds $ into the company.

However, what is converted/exercised is very different to what is SOLD!

Regardless, if ESN starts getting revenue which I am sure it will, the tiring discussion about dilution will become irrelevant. Insto's will tighten up the lose stock in a heart beat!