Finfeed, page-20

Those predicting 12c and under have given as much justification as the people tipping 30c+ last week - absolutely none.

We will likely see holders' various capital management strategies kick in if the SP drops below the IPO price of 20c, but hopefully the floor would be found fairly quickly. Until that happens, I personally don't see a reason for panic as most of the price action can be explained away by T+2 traders; who should be out after today. And whoever it was chipping 0.5c off the SP at every opportunity last week appears to have stopped for now, having blunted the initial run.

Sticking to the facts:

- 69.5m shares on issue and A$5.2m in the bank post-IPO gives WHK an EV of A$9.4m @ 21c
- WhiteHawk reported US$31k revenue for the 6 months to June 30 - the growth begins now
- FY18 revenue target of US$8.3m and to date only US$0.6m of contracts announced means high chance of consistent flow of good news (being a US company, FY18 = Jan 1 to Dec 31)
- performance rights vest at $2m, $5m and $10m revenue milestones - more incentive for growth
- in addition to the revenue milestones, the SP has to be 40c, 60c and 80c, respectively (5-day VWAP)
- 72m shares are to be issued as part of the exchange agreement in 3 x 24m tranches on the same terms as the performance rights - confidence in growth targets
- version 2.0 of WHK's online Exchange due for launch in February 2018

There's plenty of upside here.