Rowsley

Theroretically, there will not be any theoretical ex-price for Rowsley as it is giving a bonus issue of warrants, not shares, BUT as the warrants are deep-in-the-money, the market will adjust the share price down to reflect a potential dilution from the exercise of warrants at $0.18 apiece. The workings are as follows: $0.60 + (2 X $0.18) divided by 3 shares = $0.32 However, the adjusted ex price is likely to be higher than $0.32 as the warrants will have a time value of 3 years from point of listing and there is a vesting period of 6 months before warrant holders can exercise the warrants. Hence, dilution will only take effect 6 months after the warrants are listed till their 3rd anniversary.