The options conversion is quite nice in relation to the share...

The options conversion is quite nice in relation to the share price. It makes it non dilutive, ie the cash received equals the amount of shares issued and at the same as the current trading price. Usually these things occur at a discount.

So BAS moving forward (please feel free to correct any details):
Current MC = $7.15m
MC after options exercised ~= $8.2m
Monthly revenue ~= $600K
Production uplift estimate = +20% (conservative IMO)

Est annualised revenue ~= $8.6m

BAS also has cash in the bank, and is able to make the payment deferred from the acquisition from cash flow.

What I'm getting at is that BAS's annual revenue now exceeds the MC - and even more so exceeds the EV.

This is back of the envelope kind of stuff so please DYOR, but there is a trade in BAS from these levels now the options are basically done.

There will be some volume to get through to move it up though as a result of the options so it will need a big day or 2.