re: Ann: Appendix 3C - Announcement of Share ...
$100 M funded by convertible notes will give 600M total shares fully diluted
With 15000 BOEPD, Market cap should be in the order of $1 Billion, which would equate to almost $2 per share fully diluted, more if they can debt fund it rather than with the notes.
Now a lot of assumptions in the above but I like to invest in companies which are already undervalued (I'm not paying for future potential) and have a good upside for free. I think AZZ meets that criteria.
Management are not good communicators but they seem fairly smart and do have significant skin in the game. They had the chance to quickly double the value of their shares but elected not to. I think that says alot.
Happy to hold.
AZZ Price at posting:
41.5¢ Sentiment: LT Buy Disclosure: Held
