Thanks Boom. Understand the tone was a positive one - we are...

Thanks Boom. Understand the tone was a positive one - we are cheap and shouldn't be. Also, confused by the $15m EV.

My point is we will have dilution but the EV will be fine as long as the share price holds. The shares on issue will be greater as well leading to a greater MC/EV as well.

Our market capitalisation A$43.5 million (pre-offer) OR $36.81m (based on SP today) / Cash Balance A$14.9 million (31 March 2023)
This means our EV: $18.3m (pre-offer) OR $11.61m (based on today's SP)

After the raise and SPP; ANP will have a bank balance of $25.2m.
MC = total shares available after 866.3 x 5.4 cents (today's price) = $46.78m value

Then, MC $46.78m - Bank Balance $25.2m = leads to an EV of $21.58m (at today's SP of 5.4c)

Ultimately, we have dilution of everyone's SH - but we have the funds to complete and we are cheap IMO!

Time to buy more if you believe!