I've got to say I'm very surprised by the strength on VXR today and I sold my holding. The funding package involves the issue of 230 million new shares at $0.08/share, 115 million options exercisable at $0.135 and 140 million options exercisable at $0.15. If all the options are exercised total funds raised will be $58 million and VXR will have approx. 930 million shares on issue and approx. $65 million is cash (inc cash from existing outstanding options). At current market price $0.35 share, market cap of VXR with 930 million shares issued will be $325 million. Enterprise value will be $325 million less $65 million cash = $260 million. So then the question is 'As of today, is VXR worth $260 million Enterprise value?'
Personally I don't believe so and I would expect selling pressure once the shares and options are issued.
GLTA & DYOR
I've got to say I'm very surprised by the strength on VXR today...
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Last
$2.32 |
Change
-0.080(3.33%) |
Mkt cap ! $619.4M | |||
| Open | High | Low | Value | Volume |
| $2.42 | $2.46 | $2.30 | $871.8K | 369.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 9385 | $2.31 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.45 | 408 | 1 |
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| Last trade - 16.10pm 03/10/2024 (20 minute delay) ? |
| DVP (ASX) Chart |