Ann: Strategic acquisition of Tile & Equity Raise - Investor Pres, page-23

The theoretical ex-rights price of AUD 13.31 quoted by the announcement was as per 22 November 2021.

The CDIs should be theoretically trading at AUD 12 plus a little more to account for the non-renounceable entitlement offer and the discount benefit compared to closing theoretical ex-rights price on 22 November 2021. I price it as 12 + (13.31 - 12.00) / 15.64 = AUD 12.08? Or should it just be AUD 12 plus 20 cents? Not a pro at this, would welcome any suggestion / corrections.

In any case, I bought a little more to top up and get more rights, after selling late last week. This deal makes a lot of sense from a value perspective (trading 22x revenue 360:AX CDIs and purchasing at 2x revenue), and launches 360 into a main competitor for Apple and Google in the location services / tag space.