Ann: Cove to Acquire BidEnergy, page-37

It looks a bit scary to me.

They will have 321.1M post consolidation shares + 70M performance shares.

In 20:1 pre-consolidation terms, that is effectively 6.422B shares, or 7.822B shares if the performance shares are issued. Remember the share price is still trading in pre-consolidation terms, so the acquisition shares should be multiplied by 20 to fully appreciate what you are actually buying at the current 1.8c share price.

At the current 1.8c share price, this equates to $116M mkt cap ($109M EV after cap raising) or $141M mkt cap including performance shares ($134M EV after cap raising).

This ignores the options, which also needs to be factored in.

Today's buyers will have to be extremely patient.