Traded at IPO price before today's drop.Roughly ~350k shares...

Traded at IPO price before today's drop.

Roughly ~350k shares traded thus far, versus 2.5m unescrowed Con Note holders (in at 14c) plus 583k broker freebies (Novus not known for broker support).

I decided to take a deeper look.

Whilst I prefer organic growth to acqua growth I can understand the ease of doing acquas, and from SH perspective the play is to arbitrage the public and private markets.

But I'm not a fan of the KDC acquisition - FCG will at best always be a minority SH (29% up to 49%) - why would they want to be a minority SH?? Plus price paid (values KDC at $5m) seems steep - they don't provide KDC numbers but state KDC "is not considered a significant business acquisition to the Company or Freedom Care on the basis it will not account for more than 25% of the Company’s annual revenue, annual income, EBITDA, total assets or total equity".
Back-of-the-envelope calcs suggests they've already broken price point for acquas, and to become a minority SH.
IMO preference should be to fully own acquas and grow at reasonable pace.

Also gotta be conscious of the political aspect here - NDIS in focus - AFR did an article focusing on rising compliance costs and call for independent pricing authority.