i agree. Whilst the selldown of the NZ business is a bonus the real money is in the Au business and the transaction today is just a cherry on top.
after the dividend they will have 15m cash after extinguishing debt. Once Anacacia convert there will be 200m shares on issue.
They have a 12m ARR business that is adequately funded and profitable growing at 500% yoy. In today’s market, given the opportunity and track record this would warrant a valuation of >200m. There is a pretty
good chance they could be on a runrate of 25m within 6months so that still leaves valuation upside.
its about holding on for the ride now...
Ann: Sale of NZ business and assets, page-24
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