BSP:Brainspark - Technology start-up incubator

Bigfella
My rough calculation of NAV after deal completed & loan stock converted.
Company excluding Geosim
Net assets £2,216K - Geosim inv value £1,375K plus cash injection from loan stock £850K = £1,691K / diluted no shares = 0.4p

Geosim (ex`rate 1.775)
Current Inv value £1,375K (2004 accounts)+ converted exclusivity payment £5,634K ($10M minimum) - sale 50% stake £688K + proceeds £3,528K ($6,262.5) = £9,849K / diluted no shares = 2.6p

NAV per share 3.0p
Diluted no shares after conversion of loan stock 377.055M
The above doesn't take into account operating losses which would be approx £225K & write downs on the investments since 30/06/05.

If anyone can pick any faults in my logic, comments would be appreciated.