I'm still trying to pin down how many fully diluted OS they'll be by the end of the year.
The guy who wrote the article for Seeking A said 25M after the warrant exercise (which we now know was high), the recent guidance PR says 21M, I believe both counts take into account this;
"EPS for the third quarter of 2010 was $0.57 based on a basic weighted average share count of 12,810,908, and $0.40 based on a fully diluted weighted average share count of 18,345,903. The fully diluted share count includes 4,210,000 shares that will be issued upon the filing by AERL of its Annual Report on Form 20-F for the fiscal year ending December 31, 2010. It also includes ordinary share equivalents for the issuance of a total of 10,643,145 shares upon the exercise of the outstanding public warrants, 3,608,000 warrants held by insiders and former insiders that were privately issued at the time of its initial public offering, 1,440,000 shares and warrants issuable upon the exercise of a unit purchase option granted to the representative of the underwriters of its initial public offering and shares issuable upon exercise of the warrants included in such option."
Sounds to me like the 18+ fully diluted shares takes into account shares that will be issued at the end of the year and the amount of shares they anticipated would be added by virtue of the warrant exercise.
So at this point the question is how many more warrants are outstanding, which we can assume will eventually be added to the count.