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Judy, the actual issued number of shares as of today is 91m and should be used in go forward calculations.

The 66m would be the weighted average number of shares issued by the company over the past 12 months. Obviously they have issued a lot of shares in the past 12 months.

If you refer back to my previous posting to you about valuing companies it is specifically these sorts of issues as to why I don't use P/E ratios as a measurement tool for go forward calculations - they are just too easily manipulated (innocently or otherwise). You must get a feel for the value of the whole company and then divide by the 91m shares to get a value for each share.

I don't know anything about Symex so I can't help you on the valuation side of things. Although as a tip before I buy any shares in any company I always check out the company announcements for the previous 12 months on the ASX website (www.asx.com.au) and search for your company and past announcements. The chairman's address at the AGM and s305 notices about movements in Director's shareholdings can be useful guides about the prospects of the company. Don't be too concerned if a Director has sold a few shares because people sell for many different reasons (tax bills, divorce settlements, buying a house etc) but they only ever buy for 1 reason, so strong buying by Directors is a sure giveaway sign.

Hope this helps. Hang in there and good luck - it all starts to get easier to understand if not easier to apply as time goes by.

Regards

Wayne
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