Trying to replicate the success of the NZ company which is taken over as part of this deal. Most likely looking to grow by acquiring other companies in the same line of business. IN summary:
$2mil being raised at 2c a share
Indicative market cap of 17 mil
Net Assets of 9.6m
$1m in convertable notes 20% below the IPO price
Proforma profit of about 2.5mil up to 31st Oct (be advised this may dilute as Australia will need to ramp up)
No shares subject to escrow
Management do not have much history
Will give it a miss but will follow on market given the success in NZ.
