Ann: Appendix 3B, page-2

At first I was annoyed that there is still more dilution going on in RXP, however with some sleuthing, this is actually some good news.

Nobel according to management at time of purchase was going to contribute 350-400k to EBIT 2014
And anything above 400k is entitled to a 4*EBIT earnout in shares.

So this latest issue is for 960k shares at $.725, which equals $696k worth. So if we divide that figure by 4, we get $174k EBIT above $400k.

This means that Nobel is running at an annualised runnate of $574k EBIT. So at least that business is humming, hopefully the rest is doing well too.