Just like to first congratulate all SFI holders who have bought below the $0.08 a share takeover price for Spookfish.
Like many of you who have read today’s SFI announcement I found it hilarious that the ASX release document actually states:
“EagleView has been instrumental in partnering with Spookfish to realise the commercialisation of Spookfish’s technology in the United States of America.”
“...instrumental...” ? Really ? Did Spookfish not know or have a dime to prove that their ‘own’ technology actually works ?
And “...commercialisation...” ? But Spookfish never got a cent from any EagleView royalties.
Anyway, $0.08 might seem to be a good deal considering the last closing price was $0.051 but the 52 week high for SFI was $0.098, so I can imagine a few holders will still be out of pocket.
In hindsight, base on all past announced events on SFI, the whole situation with the milestones, the potential share dillutions are all engineered to get to a rock bottom share price so that the current offer appears to be a Godsend.
With EagleView being controlled by a whole bunch of VCs, I believe grabbing SFI’s core IP has always been their hidden agenda (& I’m sure a few investors out there were indeed counting on a takeover bid as oppose to seeing Spookfish as a serious competitor to Nearmap).
Anyway, as Nearmap’s results have already shown, in the same growth cycle it is obvious the US business is doing better than the AUS business. So it will not make any sense for the heavily geared US based EagleView to keep burning cash in AUS so Spookfish’s business can keep running.
Make no mistake, EagleView is about to raid Spookfish’s Australian IP along with its core assets and they will discard the rest just like any experience VC vulture will do. No more & No Less.
And with Spookfish closing up their business Nearmap is now the clear Winner !
NEA Price at posting:
$1.57 Sentiment: Buy Disclosure: Held
