The fully diluted number was around 420 million but it has been pointed out many of the options will have expired already. The chinese also have debt that can be converted to shares.

I usually use 400 million to be safe when looking at the share total. 365 is better for us but we won't know until the end.

Where Paau and I really differ is I believe Gowling will be successful so my models are not based on 12% and Tenor is not based on 88%. That is how my figures are in dollars not just cents.

JJ