Feels like there are lots happening in the business across...

Feels like there are lots happening in the business across business funding, funding for vehicles, vehicle acquisition and growth and strategic marketing and material revenue growth which the board (and therefore major shareholders) would be aware of, so there is probably zero chance of them being allowed to buy given the assumed inside knowledge.

Yesterday's announcement just shows that. Convertible Note funding with a minimum conversion price of $0.036 which is a solid premium to the current share price. This is great.

I was fearful that we would have a dilutive issue coming up to support the growth. Definitely feels like share price has been weighted down by an expectation of a capital raising coming up. Well that doesn't seem likely now, and with the Board and major shareholders having about 50% of the votes, this will get approved at the upcoming AGM (we should see this announced any day now as the last day possible for AGM is end of this month).

Given the growth in the business and the debt facilities available, the revenue growth looks like it will continue to be strong. They have drawn down $3.0m of the iPartners facility across Jun and Sep Quarters, and appear to have added 112 owned/financed vehicles (146 at end of March, vs 72% of 359 (=258) at the end of September).

This new Convertible Note funding unlocks $6m of debt facilities, so this should be roughly 225 extra vehicles. The 112 vehicles look like they added annual subscription revenues of about $830k, so an extra 225 vehicles should be about $1.65m extra revenues. This would take annual subscription revenues to about $4.75m (and maybe more if they get some more asset light vehicles and depending on what CarlyNow can achieve). Given the controlled operating burn over last quarters, you would think this growth will give better visibility towards breakeven.

Surely that deserves a share price well above 1.5c (mkt cap of $4m). The options are 6c exercise and expire in Oct24. You would have to think that any reasonable growth in the business and controlling costs could see a decent portion of them get exercised. If they all got exercised the company would receive over $5m. At 0.1c they look fairly tempting at the moment.

The Convertible Note conversion at 3.6c is equivalent to a $9.15m market cap (needed in 18 months). If the options get exercised, they could probably repay the Convertible Note if required.

Next 18 months is going to be interesting.

Cheers
Marv