Ann: NNG pro-rata non-renounceable entitlement issue Prospectus, page-11

There's a level of consistency in the valuations of proftable company's in the cloud space on the ASX. If the acquistions get NNG to profitable and the valuation is in line with peers then 5c plus an option could seem like a good buy. It might take a few quarters for the valuation to meet the median of the peer group and so you might have a chance at 3.5c early on and good for you if you do but if you divide the median valuation by the shares on issue post-acquistions, you get a number much higher than 5c.