A cap raising of that magnitude would need some major support, given either end is a material increase on current market cap. Albeit would certainly get rid of any debt and liquidity concerns.
Maybe a $3-4m raise, $2-3m from op cash, and maybe $1m in shares to Heinz, would be easier however still keep them mildly capital restrained IMO. I guess it all comes down to who they can find to support.
The performance shares was something that kept me away at higher levels, and I notice still a decent number to be earned (which likely will be). On diluted market cap of say $20m I actually don't see this as cheap on historical earnings - just not majorly overpriced as I thought at higher levels. Once the R&D rebate of $1.8m is removed we have "normalised" EBITDA of ±$3.4m. Then another $1.5m of depreciation (which over time is their stay in business capex) leaves $1.9m. And this on ±$10m debt it is leveraged to the roof. Hence the current market cap and share performance makes sense to me and likely still pricing for both some success, growth, and assumed addressing debt satisfactorily.
MJS
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