Backdoor Listig

Hi,
What's your general view on the backdoor listing? According to ASX there were 30 backdoor listings last year. As per the same source, statistically most of them under performed standard IPO businesses in the long term. Short term however many of them got good stags if we can call it so. Especially for the existing shareholders who usually gain on SP spike when speculations start about the takeover and the ones who managed to get discounted shares through capital raising (again, a good broker is handy).

There are two promising backdoor listings I am aware of and one looking like it's happening but nothing official announced yet. Anything to watch out for or any basic criteria to be met (deal structure, consolidation ratio, current SP vs CR proposed SP, etc.)? I am interested in the technical side of this - how to filter the good ones from the flops.

Happy to share the projects I am currently aware of.

Yskelo.