Following this latest raise, SIS will have a significant amount of options outstanding - so I thought I'd try and quantify the future effects of their potential exercise.
New Shares Shares on Issue New Capital Raised
Current Shares on Issue 274.8m
new shares issued under current issue ($1.5m @ 2.5c) 60.0m 334.8m $1,500,000
assume SISAF / AG lapse (total of 5.2m shares, strike 0.15
ex date 9/21 and 6/2) - 334.8m -
SISAI (10.416m @ 0.018, ex date 6/22) 10.416m 345.2m $187,000
SISAK (22.729m @ 0.05, ex date 12/22) 22.729m 367.9m $1,136,450
Assume Simble Wealth Creation Scheme Options lapse;
(requires 12/21 EBITDA = $5m and share price = 0.80) - 367.9m
SISAJ (10.684m @ 0.05, ex date 6/23) 10.648m 368.5m $534,200
Management Incentive Options;
(7m @ 0.05 and 5m @ 0.08, ex date 12/23) 12.0m 380.5m $750,000
Options attached to current raise;
(30m @ 0.04, ex date 6/24) 30.0m 410.5m $1,200,000
So my conclusion is that yes there is some inbuilt dilution creating a headwind for SIS, BUT there are some pretty reasonable cash inflows ahead, every six months or so, if they can get the share price up to 5c by the end of '22.
ie this might be the last cap raise we see from SIS for a while.
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