yep - putting lipstick on a pig doesn't make it a model
while I think this acquisition has great value and synergies with the business model and portfolio, what intrigues me is the funding arrangements. why would Board return capital to existing shareholders ~US$45M and then issue more shares to Rubic Capital (around 9.6%) of the company to borrow US$28M - this doesn't make sense.
Board could have just used existing funds without diluting shares.
General Discussion Topics, page-336
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