an offer to pc, page-4

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My figure -

Average cash burn per half $15m - this is a Net burn calculation.

Vyking -

($48m + $19m) - $18m = $49m – Gross burn = Annualised expenses.

$19m = $2m other + $17m product sales


I suspect in the $49m there would be a component of COGS, something like 35% of gross product sales i.e. $5.95m.


A T/O will be positive on the SP but in the end longs will be short changed.


PS I will be crossing the against box on freebies.