Someone can correct me here but these are some rough figures;All...

Someone can correct me here but these are some rough figures;

All approx figs
Shares on Issue and Options that could be exercised in the money = 140,000,000
Cash Position : $50m + $5.75m if options above were exercised (Not including other investments or loan to AF and takes into account $17.25mUSD due to D&C if the gits ever want it.
That gives cash backing of $0.39 roughly per share

If - and i appreciate this is now possibly a big if - the 2nd tranche goes ahead then we have
159,000,000 shares on issue
$108,000,000 in the piggy bank
Giving Cash backing of $0.68 a share

If Gallagher are really doing their DD and believe they can get FIRB approval then i think Orb may well be right.