Correct MRIscan4u, 

Rick if you compare the numbers that you received from IBK re the implied value of the Sanan JV you will find that the numbers line up very closely with the IBK projections.  Again those numbers were associated with just the Sanan JV valuation. 

I  believe there is  much  more to  come and I expect that POET  will  manage to  have the  majority of the .52 warrants exercised by the  time the AGM  arrives at the very least. 

Remember, although my  understanding is  that POET management are not looking to sell  this  company I believe that the value of this companies technology will/is  being recognized  and it is  really just a matter of time before companies who are pushed aside in favour of this advanced and  very capable technology  will take  a  run at POET. 

Look at the whole picture.

I still have not had a chance to read the whole report yet but it is definitely something I am looking forward to.