Listen to Mike Holt vision for Gridcomm, page-239

"Odin will issue 169.5 million (post-consolidation) fully paid ordinary shares and three tranches of 87.5 million (post-consolidation) performance shares, which will turn into the same number of fully paid ordinary shares, that are subject to various performance-related milestones in the next five years. After being acquired, gridComm will now receive $7.5 million in shares. Currently, it is said to have received $5.7 million from committed investors, according to a report by Tech in Asia."

Read more at: http://www.dealstreetasia.com/stories/singapores-gridcomm-lists-on-asx-via-backdoor-34644/

So I've been wondering... If Gridcomm is to receive a total of $7.5 million in shares with $5.7 million already received... isn't that already higher than the market cap?? Does that mean Odin is undervalued? Or have i misunderstood the transaction?


Thoughts?