it is always darkest before the dawn, page-22

My apologies. After a thoughtful lunch I need to make a small correction to my equity analysis above.

"If a VC fund puts in the full $20.385 my guess is that they'll take about 90% equity in the Sokoria project and leave at most 10% for PAX and its shareholders."

This is not correct; it should be

If a VC funds puts in the full $20.385 mill of the PAX share my guess is that they'll take about 90% of the PAX share, or 40.5% equity in the total project, and leave at most 4.5% of the total project for PAX. Bakrie will presumably fully fund its share and hold the remaining 55% of the project.

It follows therefore that, in this example, PAX and its shareholders would be entitled to 4.5% of the annual net profit, or $0.979 mill, instead of the $2.175 mill mentioned previously.