Ann: Trading Halt-EMC.AX, page-69

That is an increase of 50m shares. Issued cap will go from 201m shares to 251m shares. At 64c, that gives a market cap of $160.6m (64c x 251m shares). Less $6m current cash in bank and $32m cash just raised, we get an Enterprise Value of $122.6m.

Assuming the market is valuing at an EV/EBITDA of , say, 20X for a fast growing enterprise, we are looking for Emefcy to make earnings or EBITDA of $6.1m.

For an EV/EBITDA of 15X, we are looking at EBITDA of $8m.

For an EV/EBITDA of 10X, earnings of $12m.

Henslow stated that there's a pipeline of 43 projects value of $18m. Is an EBITDA of $6.1m possible end of next Financial Year? Let's hope so. I am vested.