But I do the money will goes to pay down debt and Somboon is coughing up money to pay back some cash he got from Megabank (since the SV was partly debt funded). It is like paying down your mortgage or loan.
Enterprise Value = Market Cap + Debt - Cash
So the debt is down by 14 mil. Enterprise Value will be down.
Conventional valuation for Asia gaming operation is Enterprise value of 8-10 times EBITDA. I am not expecting that but modest 6 times is ok.
Maybe they are holding out when market reprice the equity to 5-6 c before they do another capital raising.
