still struggling to get my head around the valuation here. On my...

still struggling to get my head around the valuation here. On my rough calcs burning circa $1.5mln p/q and revenue still not coming through in a meaningful quantum. $120mln mcap and serious escrow overhang within 18 mths. Would be interested to know the terms of the non-current loans and who is the lender? Purely on the numbers it would not surprise me to see them tapping the market again within 6 months, maybe an entitlement issue this time. By comparison (not many out there I''m aware of) i looked at ASX:RHP, which although it also has a eye-watering mcap, is at least its generating $100m+ revenue and a positive EBITDA with annuity style profile. I hope it works out for IWG. We need more IT success on the local and global stage. DYOR.