spa vs fln, page-11

What is the market cap of SPA at 41.5c

Current spa shares on issue 19.9m and 6.5 options (exercise price around 20c)

Acquisition of Bulletproof , 41.7m shares to be issued, 16.7 class A performance shares and 25m class B performance shares to be issued , capital raising of $1.6m at say 20c another 8m shares to be issued.

Total listed shares after cap raising 19.9 + 41.7 + 8 = 70m shares.

At 41.5c market value is around $29m , if options and performance shares are included $49m , if 2015 they earn 5m ebitda then they are currently priced at 10 times 2015 earnings.

Im assuming performance shares would be issued lower than the current price with an expiry in 2015. A lot of growth is already being priced into the stock.

Not many other IT companies trade on them muliples so they must have something special or its overpriced. Which one is it going to be.