THE NEW PNC TELECOM

deanroberthunt,

In relation to E you noted

"assuming the balance sheet does not improve to counter the dilution"

But this is a bizarre assumption since we know with complete certainty that the improvement to other side of the balance sheet will be exactly 0.1p for every share created. You don't need to make an "assumption"!

Every time that shares are issued under the debt for equity swap then the balance sheet improves by 0.1p per share.

regards

JakNife