The OS has climbed by 300m and admiral was speaking about the future warrants getting executed for 100m.
The OS was just under 1b a few months back and is now just under 1.3b. The warrants, when executed will put the OS at just under 1.4b.
This is why I said the dilution will be about 40% of the last year but currently we are only looking at 7% still coming. The rest is old news.
Here is the dilution information
Shares Outstanding 946,197,880 a/o Aug 17, 2010
Total Issued and Outstanding: 1,261,257,340 (As of Feb 4 2011)
If I recall correctly the additional shares are based on the Allied completion and the dredges. I will try to get links to show what the 300m increase was for. It happened a couple of months ago and I forget the exact break down.