what is going on?, page-15

Hi,
Yes the only difference I noticed in this presentation was the upside to the locked in 13 mill NPAT. This presentation said it would be 0-8 mill. I am working with 13 mil anyways in my valuation calculations. Also i am working with 350 mil shares assuming dilution . Granted that I don't know at what price they will exerccise their options. So there are quite a few assumptions , but all in all there is still a significant margin of safety for me with a decent ROE if the FY12 forecast is met. EV/EBITDA very cheap for a company with a ROE of around 15-20
I bought a small parcel today at 0.175 .
good luck all