Your response is much appreciated.  What had concerned me was that you were taking the benefit of the new capital structure twice by repeating the calculations with the current shareprice already reflecting the benefit..

This extra value (reduced interest payments) is now in the stock: This I agree with. And that is why I and others have made calculations starting from the current shareprice which reflects, maybe partially, the benefits to be derived from the capital being raised.

I think we're on the same page now!