Yes if they raised everything they were entitled to, and all the...

Yes if they raised everything they were entitled to, and all the performance shares etc vested we would end up with 220m in year 2023

That is very much the worst case! They are obliged to report that worst case scenario.

Now many of these performance shares will not vest, and just because they have the ability to raise 15m shares + 10% (say 12m) + the normal 15% entitlement  (say 15m) does not mean they will do that. 

We have had only one cap raising in 2 years, very unlikely we'll have 3 in the next year! 

Companies put these resolutions up at the AGM to allow flexibility without having to hold another meeting for approvals. All companies have the ability to raise 15% without shareholder approval - but their market cap is based on shares on issue, not shares potentially on issue.

More importantly you can't really look at it that way, you have to look at the present shares on issue (103m raising to 113m then 129m) vs the market valuation for the company at the present date and status of the various projects.

Even the 129m assumes the Supra license is transferred, we have the cultivation license, so we'd be on the way to making big money.

At the moment we are valued on the 103m shares, probably plus the 10m. I don't think the market has given us any value for the Supra deal. When the Supra milestones are met, I'm sure our market cap/sp will rise more than the 16.65m shares that'll be issued.

IF the expected performance shares vest and even if they do one cap raise, the shares on issue in year 2023 will be significantly under 220m, BUT we'll have 2 Freshfood facilities up & running, having equity in one and getting a royalty on gross sales from the other, not to mention the sales. Both these facilities will be the stepping stone for many more to come. We'll also have a cultivation facility with the capacity to expand, we'll be a very profitable company etc etc. So in other words we'll be a totally different company, and that will happen well before 2023 when the last tranche of performance shares would vest.

The present shares on issue is as I stated 103m, expect it to go to 113m soon with Rotogro Inc + Tech. Hopefully the Supra milestones will be met sooner than later so those extra 16.65m will be issued. As for the rest, I look forward to when those performance targets are met because we'll be well & truley rerated by then!

In summary, the market values us based on the shares on issue, say 113m. If various milestones & performance targets are met, there will be more shares on issue, however we'll be a very different successful profitable company with expected multiple expansions from our 3 main projects.