Ann: XTD Limited Signs APN Outdoor for Brisbane, page-26

The company will have to raise fresh equity money upon securing a US deal as the networks they are targeting each will have screen capacities multiples of what can be done in Australian as they have larger proportions of their networks underground. Each screen system costs around 150k (US should be cheaper than Aust. installations as they are manufactured in the US), thus say if they get a contract with 100 screens than they will need up to $15.0m in CAPEX. Despite how good the Aust. screens are likely doing, they won't generate enough FCF to support a single contract like this, let alone a few on the trot which could also happen. The company has flagged that a large US rollout will require a capital raising to support it. They have also mentioned using equipment finance options but given their short operational history this may be the financing option for latter contracts.