PBH pointsbet holdings limited

0.42%

$1.19

Ann: BBT: Acquisition of Relevant Interest in Pointsbet, page-30

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Pat07350

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04/05/25

19:14

Post #: 78913303
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Originally posted by bagtenner: ↑

It sounds a lot like it will be a mix and match facility where you can choose whether you want cash, shares or a mix, but if everyone goes for the same thing and it exceeds the cap, everyone gets scaled back and given a bit more of the other thing.

But I can't work out how the maths on this works?

It says it assumes 331.7m PBH shares.

$1.20 x 331.7m = $398m at the bottom end of the numbers they refer to, but then they say it's a $360m offer?!
It also says it includes the shares they already bought and it doesn't line up if you make 20% of the shares $1.10 - tried that.

That's where I got $1.085 per share from ($360m / 331.7m) in the post above which seems to be wrong looking at this slide.

But can't get anything to line up.

OK, so the footnote to the $1.50 on page 9 includes cost synergies and is based on an expected EV/EBITDA of 10x. Footnote concludes with "This is not a forecast or guarantee on the value of the proposed scrip consideration which depends on several factors outside the control of the board and management. It is intended to provide an indication of the potential value".

So basically the $1.50 isn't a real number at all.

So I've come full circle and I'm gonna stick with it's $1.085 per share in todays' dollars as a mix of the cash and shares, and if all that stuff comes to fruition and you took the shares maybe you'd get something like $1.50 if you took all scrip.

Thoughts?

PS If this is completely wrong I'm going to blame the confusion on why the share price hasn't run up any higher!

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my thought mirror yours in regards to the maths not lining up at all. Betr come across as dodgy, they are trying to spuik this deal but can’t explain the numbers to Pbh holders.

PBH Price at posting: $1.10 Sentiment: Buy Disclosure: Held
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(20min delay)
Last $1.19		Change -0.005(0.42%)		Mkt cap ! $394.7M

Open	High	Low	Value	Volume
$1.19	$1.19	$1.19	$371.0K	311.9K

Buyers (Bids)

No.	Vol.	Price($)
3	96027	$1.19

Sellers (Offers)

Price($)	Vol.	No.
$1.20	299544	14

View Market Depth

No.	Vol.	Price($)
3	96027	1.190
3	38264	1.185
1	17000	1.180
2	20000	1.175
1	52000	1.160

Price($)	Vol.	No.
1.195	296290	11
1.200	602177	23
1.205	3884	3
1.210	256000	2
1.220	15670	6

Last trade - 16.10pm 13/06/2025 (20 minute delay)

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Ann: BBT: Acquisition of Relevant Interest in Pointsbet, page-30

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Ann: BBT: Acquisition of Relevant Interest in Pointsbet, page-30

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