Potential investors were told Vysarn would pay $24 million cash...

Potential investors were told Vysarn would pay $24 million cash and 10 million of its own shares upfront, with another 30 million shares due down the line if CMP hits EBITDA-related targets over the next three years. To start, CMP is expected to bring $26.4 million revenue and $4.2 million after-tax profit to the group. In addition to being strategic, the CMP acquisition would contribute 22.1 per cent EPS accretion, the pitch said.

The raise would swell Vysarn’s market capitalisation to $245.6 million. It brokers commercial water supply for mining and infrastructure clients via water licences and offtake agreements, but also advises on building the pipelines needed to deliver the water. It aims to run as an asset-light business.