I do it a little differently but same result:
24.1 + 13.5 = $37.6m fully diluted
-(5.7 + 7.7) cash = $24.2 Enterprise Value
Still good value imo, not as good as some (eg PAX). Agree they could have got more out of the deal but at least they are able to move things forward a bit more quickly now.
most undervalued co on the asx, page-8
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