I'm not sure why you think like that. Whenever valuing a company every professional investor that I've ever met always starts with the basics of (a) how much is this company worth? (b) how many shares do I divide that worth between? The issues arise at the edge when you know that it is very likely that new shares will be issued hence both number could increase as a consequence.
In the case of PNC Telecom there are currently 143m shares in issue but it's a dead certainty that 530m shares are going to be issued at a price of 0.1p and also another 287m shares are going to be issued as well (for a half-baked acquisition). No serious sane investor that I know would just ignore this materially dilutive event, especially since as a consequence the share capital of the company is going to increase by almost seven times!
martincoops,
As for the figure given I took it from your post and it is what is in the RNS
Could you point me towards the RNS that you're referring to please?
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