There will be x3.79 dilution after performance shares are issued. My opinion is that the performance hurdles are very low but even without them the dilution factor is x3.03 so I don't think that scale of dilution can be dismissed lightly.
We don't actually know any revenue figures apart from the Dec 2015 amount and yes it looks good on a GP basis but who knows what the EBITDA will be in the new entity, it's a complete guess.
Yes I understand potential etc but I think there's a difference between being fair to the founders GG and AR, and gouging SHs. I could be completely wrong of course and the income means the # shares on issue won't be a problem but almost 2.5 Billion shares is big number in my book and will take a few years of spectacular growth or a consolidation to make EPS a meaningful number.
The other consideration is that 50% of the coy will be owned by 2 SHs. That is a concern to me.
SYT Price at posting:
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