Hi Londoner,
What makes you think a capital raising is more likely than a convertible note being issued or even an additional term sheet for more debt?
Crowd already have USD$10M stitched up in debt. They only require $23M as an upfront payment.
If Crowd issue Track $3.6m of stock at 30cents, that's 12m additional shares.
Add another 33.6m shares for the remaining $10.1m required (at 30c) and you end up with an additional 45.6m shares.
At 131m shares on issue (round up), based on my numbers Crowd will have 2.5c EPS for FY15 when combining Track and Crowd entities. It still looks compelling whichever way you cut it.
All in my opinion
CM8 on the move broker target 65c, page-51
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