Sonic at this stage don't care about the shareprice of Microba.
Just smashed retail by over 30%.
Microba strategy was to establish distribution partnerships which is a capital light means to expand. Now we have changed tack and diluting shareholders to acquire distribution. Not a strategy I'm happy with at tgus stage.
We seem to be paying big $ for revenue and not for profit. In this market you will get punished for such a transaction.
This acquisition would have made more sense further down the track.
Ann: Fully Underwritten A$20 million Entitlement Offer, page-7
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