Ann: Investor Presentation , page-9

Sorry have I missed something?

When the deal was announced in December, post a 1 for 20 recon, there was going to be 137m shares on issue - giving a market cap of $27.4m - post deal, post recon.

In the latest presentation, with a 1 for 2 recon, there is now going to be 1.4B shares on issue. Given the last price of .175c (35c post recon) the market cap is now close to $500m post recon.

What am I missing? I know the price has risen a lot but that is a massive market cap and vastly different capital structure.