Based on my reading of the docs - this is what i've come up...

Based on my reading of the docs - this is what i've come up with. Worth noting, the deal is a stock deal, so it also assumes the SPAC share price holds / the SPAC does not face redemptions.

I assume an AUDUSD $0.70

CBR market Cap: A$27m ($0.13)

Enterprise acquisition value price: US$197m (A$281m)
Equity Financial facility provided by SPAC to CBR: US$60m (CBR only intends to draw A$29m according to their report)

CBR balance sheet (AUD):
Cash: $14m
Debt: $20m

New debt / deal / transition financing (AUD):
Convertible debt: $2m (I don't know terms so will just treat this as debt)
Proposed debt facility: $72m

So we get (AUD):
Acquisition price of $281m
Minus debt of $94m
Plus cash of $14m

= $200m = $0.96 per share

CBR equity value (AUD):
Market cap: $27m
Equity facility: $29m

Total equity: $56m, approx. $0.27 per share

so... if this is right, the upside is $0.69 (lol), or 255%. Massive execution risk.

Note I have not accounted for the approx. $10 million of supplier payments that have been deferred, they mentioned this in their report