Valuation

ASC
Price 0.36

Shares 305,320,860 305,320,860
ASCOA 14,838,060 0.20 14,838,060 2,967,612
ASCOB 50,000,000 1.00 -
ASCOC 24,330,071 1.75 -
Total 320,158,920 2,967,612

Unlisted
10,000,000 0.20 10,000,000 2,000,000
5,000,000 0.40 - -
5,000,000 0.60 - -
5,000,000 0.80 - -
3,000,000 1.00 - -
6,000,000 0.75 - -
1,000,000 1.00 - -
4,730,000 0.20 4,730,000 946,000
1,660,000 0.24 1,660,000 398,400
1,660,000 0.28 1,660,000 464,800
Total 338,208,920 6,776,812

FY02 FY03
Market Cap (Fully Diluted) 121,755,211 121,755,211
Net (Debt) / Cash 17,600,000 41,600,000
Enterprise Value 104,155,211 80,155,211

EBITDA 40,000,000 60,000,000
EV/EBITDA 2.60 x 1.34 x

Target Multiple 6.00 x 10.00 x

Enterprise Value 240,000,000 600,000,000
Net (Debt) / Cash 257,600,000 641,600,000
Market Capitalisation $0.76 $1.90