" The issue of new Shares on exercise of the Warrants may result in a consequential reduction in the net asset value (NAV) per Share once the new Shares are issued. The extent of the dilution effect (if any) on the NAV per Share will depend upon the actual number of Warrants exercised and the final Exercise Price in comparison
to the NAV per Share immediately prior to the issue of the new Shares.
In order to illustrate the potential reduction in NAV per Share for those who do not exercise or sell their Warrants, the dilution effect associated with prior Barramundi warrants over the last twelve years has ranged from a 0% to 5.3% reduction in NAV per Share "

As current buyers of BRM dont have the luxury of free warrants coming with BRM thus they open themselves to above risk ...ie dilution of NAV ahead ....with exercise price most likely to be 63 Cents compared to current SP of 71Cents ...they will surely be exercised majorly . Maybe thats why its discount to NAV is MORE warranted then KFL ...where as its higher at present for KFL then BRM ...must be demand supply mismatch as KFL clearly offers more value at current SPs