Not underwritten which is never a good sign. Though sometimes those crooks (*cough* brokers) will only underwrite when the offer price is so low that there is no risk for them. So hopefully they are pushing the limits of the offer price on the back of 4C commentary which wasn't as bad as I was expecting.
Looks like break even revenue for them is approx $27M - $30M pq. Any positive break even number next year should have FLC trading way above the current 1.3 x revenue.
Not underwritten which is never a good sign. Though sometimes...
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