am scratching my head here deciding whether to cut a cheque for my rights entitlement or not.
The way i look at it, assuming the maximum subscription is reached, MEC will have approx 2bn shares on issue (undiluted for any options) post rights issue. It will have a market cap of approx $12.5m with net cash of approx $4m (which i assume there will be a bunch of creditors queueing up and after costs of the offer) for an enterprise value of approx $8.5m. assumming PEP11 is not awarded (which from what i have read looks about right), my guess is that this EV seems excessive, given some of the other investments sitting inside Advent include NT petroleum and clean hydrogen blah blah.
this isnt screaming to me like a cheap deal.
Anyone care to offer a different view or persuade me otherwise? perhpas the PDF/tax free status is worth alot more??
Perhaps i am taking a view on PEP 11 which is too conservative.
BPH approx $15m market cap but also has Cortical investment.
MMR Price at posting:
0.4¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)