It looks like "Miniority Shareholders" in the Dutton report are the convert bonds and warrants issued two years ago. The conversion price is around $9.50 US. If all the bonds and warrants are converted it will reduce debt by $69 million and increase share count to around 23.5 million shares - up 5.07 million shares from 18.43 million. So the debt goes from 138 million to 69 million. The share count goes up 27.5%.
I was looking at 2008 and I estimate their EPS if all the bond and warrants are converted and Igld hits $340 million in revenues at around $1.68 based on 23.50 million shares. Depreciation and amortization will add another $0.72 to their cash flow for a total cash flow of $2.40 ($1.68 eps plus $0.72 for D/A). So by the end of 2008 Igld could be between $25 to $30. Anything more than this will depend on management's new ventures/product offering,etc. All in all a good investment from my $4.80 purchase price.