Mark, you need to look at the pro forma mc - not what the current mc is, based on the old shell. So @ 1.2c, it's $60M.
As some have pointed out, all depends on how it trades in the weeks ahead, as to whether they will need to do a consol to get the asx min required 2c raise through, or if it will naturally trade at that price or above.
Certainly looks like it's at least on their minds, and not surprising, given the 5B fpo on issue:
Consolidation: If required to satisfy the ASX Listing Rules, completion of a consolidation of the capital of Burleson on the minimum ratio required to satisfy the ASX Listing Rules and to be agreed between Burleson and SSG, acting reasonably.
Re-Compliance Capital Raising: The Company lodging a prospectus with the ASIC for the purpose of ASX reinstatement requirements and to raise an indicative minimum of $4,000,000 under that prospectus by the offer, subject to shareholders’ approval, of Shares at an issue price of no less than $0.02 cents each (post any required consolidation) (Prospectus).
BUR Price at posting:
1.2¢ Sentiment: None Disclosure: Not Held
