If you exclude the debt and also the THM raise, as you haven’t...

If you exclude the debt and also the THM raise, as you haven’t really given Halo a fair chance at generating any meaningful results here, we are actually talking about c.$45m raised.

A return to 20c may take some time. It will require a MC of just over $80m (higher EV). At an EBITDA multiple of 12x we will need to see an EBITDA of c.$6.8m printed.

Here are the forecasts from the acquisition presentation, noting the basis for the Halo ex-THM numbers of LTM.

I can understand why investors may be looking to take a position at these SP levels given the potential upside should Management hit their forecasts.