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IHL

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4.1¢ incannex healthcare limited

Ann: Application for quotation of securities - IHL, page-32

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Freddieflintoff

3,871 Posts.

667

08/09/21

15:38

Post #: 55925121
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Originally posted by meghotcop: ↑

I would have ordinarily thought that the 180 m options at 20 c are Dr Sud's and not the company's, meaning IHL cannot decide nor its shareholders what to with them; and the 180 m shares for the NASDAQ IPO were additional scrip. If Dr Sud lets the options owing to him expire ... what would be his benefit? Are there conditions placed to be meet between now and the 30th September for the exercise of those options.

Capital structure:

1,068.091 mio no issued until 07.09.2021
20.000 mio issued today (20c = half paid; cash inflow 4.000 m)
7.346 mio issued today (8c = 20% paid; cash inflow 0.588 m)
180.000 mio options in the money (20 cents = half paid; cash inflow 36.000 m)
180.000 mio to be issued for IPO (and to be voted on; and fully paid; cash inflow estimated 45.000 m)

When all has washed through (options exercised, IPO fully placed), working from the above structure:

a) 1,455.437 mio shares issued (increase of 36%); *there will be another 45 m options between 5 cents and 25 cents in future years.

b) Total cash inflow of 85.588 m AUD (estimate)

c) Total cash at hand: ca 95.000 m AUD (estimate); an increase of a little more than 10fold

d) each share would have a cash component of 6.5 cents (95.000 / 1,455.437)

e) the enterprise value (or value of the business as such per share) would be 35 cents (current SP minus cash component)

f) as per yesterday and AR 2021 (revenue divided by outstanding shares), each share on issue contributes to 0.2 cents in revenue. EV to revenue (35 / 0.2) is 175.

g) enterprise value to cash at hand is about 6 (35 cents divided by 6.5)

How do you value this company?

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i feel like we have got to the point were we have offered more than enough opinion, advise and stats to you, and it is now your call whether you are in or not.

Surely after after so many responses you can go away and digest, i think you said yesterday you would wait a few weeks to decide - so be it.

IHL Price at posting: 40.8¢ Sentiment: Buy Disclosure: Held
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