Your aritmatic is good in normal times 2.58 is right.
These arn't normal times at all.
They dropped the price 20% BELOW the book build minimum and still came up $50 million short.
This will rattle everyone even those who took up stock in the bookbuild.
I would expect a big run for the exit when trade resume.
For my guess I expect it to close below $1.50
Any other estimaes??"
If it closes below $1.50 you are valuing the current business as it stands at about $0.82 per share:
$250M new injected equity / 365M total shares = 0.68
$1.50 - 0.68 = $0.82 per share
So from $16 high to $0.82. 95% drop in the value of the business? That's BNB territory for a well run engineering firm that is predicting increasing profits and has business contracts that go on despite a recession. Also will point out that each share owns the equivalent of $0.31 worth of TSI by my calcs!
If I had any money I'd be buying at that price. Unfortunatley I spent it all buying last week's bargain of a lifetime! ;p
TSE Price at posting:
$2.38 Sentiment: LT Buy Disclosure: Held
