Varuka
Well I'll looked into the conversion of the convertible note a little further - this is per the acquisition documents:
"face value and accrued interest convertible into MedAdvisor shares at the same price asunder the current equity raising, subject to shareholder approval at AGM"
This was approved at the AGM, so Syneos would have 'paid' 38c per share as opposed to buying on market currently at 32c (so close to 20% discount).
It would have been a big endorsement (of MDR & the partnership given the ongoing relationship with Syneos) if they did take the shares, but economically it does not make sense for them (and perhaps better for us shareholders too in the long run).
They had AUD21m in Cash at Dec, this is AUD6.5m so AUD14.5m left. It will be interesting to see their cash burn in 1Q and also any commentary on how things are progressing......in the interim, it seems there is nothing shareholders are optimistic or confident about given mgmt have not indicated anything wrt cashflow or pbt positive news.
VarukaWell I'll looked into the conversion of the convertible...
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