Ann: Spectur Limited to acquire 3 Crowns Technologies, page-15

My reasoning below.

- Spectur paid high prices for both capital raising. And diluted shareholders heavily
- They took debt funding without any real path to CF+
- They've hired more sales staff than they need. Still, they retain large amounts of sales even when there's a pipeline of work so great it'll take them a while to work through.
What's more, they retained sales staff through COVID, when sales took a hit.
- They spent management time and effort (ongoing) reviewing M&A candidates. More fees will be spent on legal/DD and so on

I can respect spending much needed cash to sure up inventories. But the above is not reflective of a company striving to stop diluting shareholders.
This would do much better if taken over and appended to a company with a broader product suite, simply to remove/trim the admin/overheads.

I could be very wrong on this. And if it works out, the upside is massive (10x would still be sub $60m). But it needs the right management focus.
I don't think that's in place.