Page 1 of the Beacon report states :

Shares Outstanding:

     Basic            174.6 (X Closing Price 1.29)  = Market Cap $225.3(cad)

     Fully Diluted 198.6 (X Closing Price 1.29)   = Market Cap $256.2

Implied:

     Basic          174.6 (X 12 Month Price Target 8.55) = Risk Adjusted NPV CVD & CKD =1,493(Cad)

     Fully Dil      198.6 .........................................................................................    1,700

The Beacon projection IMO is in error since it states two different market values based on shares outstanding and fully diluted shares outstanding.  The fully diluted price per share should be modified to adjust for the additional shares issued. The fully diluted value per share should be (C$)7.52 (1,493 / 198.6)

The Beacon Report is misleading - is $ 8.55 Basic or fully diluted? How can you have two different market caps for the same company based on shares O/S and fully diluted shares O/S- the variable should be the price per share - I believe that's what is confusing everyone.

It's all smoke and mirrors anyway. 

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