$20m cap raising and resultant valuation

Should a $20m capital raising be announced, VEI should be issuing somewhere between 60 and 70 m shares. At a 2013 ebitda of $26m (allowing for some minor upside), you derive a enterprise value in the region of $130-$156m, or net of debt of approximately $55m post raising, a share value of some 47cents - 66 cents, say mid 50s. Upside support would follow lower debt and earlier capacity to pay dividends, attracting wider institutional investor support.