Ann: Appendix 4E and Annual Report, page-12

For the sake of those less experienced with reverse take overs, would someone more knowledgable and with experience in the process be kind enough to walk through potential scenarios (using as much detail as possible) in terms of what it may look like if they successfully reach an agreement?

Would be good to explore things like of potential listing price, new shares created, MC, price on listing etc.

Obviously this is hard to predict but for the sake of making an educated guess, would it be possible to paint a scenario based on current SOI, likely MC of a businesses wanting to list and how share agreements and new shares have been issued in previous situations like this?

Commsec has current SOI at 125.8m with a price of 0.037 and MC of $4.65m.

The change of interest notices from OCT20 had the directors holdings Niall Cairns at 27.7m Phillip Carter at 13.1m totalling 40.9m or around 32.5% of the total current shares on issue.

If successful in finding a company to RTO:

How do you think it might play out, if it the business was valued at say $200m?
Or if $200m is off, what would you estimate the value of the new business to be prior to listing?
i.e what is realistic, high and low valuations for a private company interested in RTO rather than IPO?

After thinking about the pre-listing valuation:

How might it play out in terms of new shares created taking into account current SOI and MC of both businesses.
Would there be pre-listing allocation(s) to new institutional investors?
Is there anything else interesting or poignant to consider?

Again I appreciate this isn't knowable and is kind of like asking how long is a piece of string, but I think it would be useful and interesting to explore how it might evolve, regardless of the hypothetical or suppositive it may be.

Thanks in advance if anyone is able to share their thoughts, would be very much appreciated.

Cheers,
PM