THE NEW PNC TELECOM

Hi deanroberthunt,

I agree with dell. No sane person in their right mind would have paid £2.4m *cash* for Sim4Travel. And that's not what PNC did, PNC "paid" for Sim4Travel by issuing over-priced shares. Conversely, no sane person would sell something worth £2.4m cash for 167m shares of PNC Telecom.

PNC bought Sim4Travel by issuing 167m shares. At the then market price of 1.43p per share this equated to an amount of £2.4m. But it's clear as day that that market price has been hyped and that the shares are not worth 1.43p. If instead you were to use a price of 0.1p (the price at which the debt for equity swap is due to happen and the strike price of the warrants) then the acquisition price is more like 167k. That's a figure that I think we could all believe in.

regards

JakNife