Valuation of Export Corporation (Aust) Pty Limited, page-5

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PickmeAmonkey

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07/11/19

19:18

Post #: 41306306
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Originally posted by Pman: ↑

Hi B

US/AUD has fallen 4% over the qtr alone.
Looking at the data itself there is a drop in sales which is concerning. would like to understand why?

Margin should pick up as the AUD/USD recovers.
Seems we are paying overs on the deal

What are we buying
23 million in stock which is cashflow in the future so no issue as long as the stock is not old
23 million of Director loans which have no due date (this is a problem for me) as we we are paying for this rather than netting off the sale price and less dilution. I think every one should question this.

Danny took over 10m out of the business as a loan between the year. Not a good look as a director. And not obvious in the cashflow, wonder if it went through as employee costs in operating????

WA has a tax receivable ie pays no tax???? if profitable we will be able to offset tax losses in the future I would suspect
10 million or so in cash and other debtors again could have come off the price less dilution.

The end goal here is marginalization of current holders for the mates/directors to get a big slice of the company with the aim for the final big score in the near future.

Debt facility of 20m will be put in place. That is a shit load of facility.

At least there is a hurdle on the last 10m of shares. They normally do not get hit.

PS got to be the laziest proforma I have ever seen. Could have tried.

End of the day, it seems this is a cashflow positive business which takes pressure off.

Expand

Surely the director loans have to be paid off with the proceeds of the sale? Why on earth would OBJ proceed with such massive liabilities on the book?

OBJ Price at posting: 1.5¢ Sentiment: Hold Disclosure: Held
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Valuation of Export Corporation (Aust) Pty Limited, page-5

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