Just completed an oversubscribed placement to Institutional and Sophs for $19.25M @ $0.11 and about to hit up SH for another $12.5M @ $0.11
Management own ~13-14% of shares.
So, a present MC of $77M with Tangible Asset backing of ~$88M with cash about to be ~$30M - (to be used to purchase other organisations).
"... The proceeds of this Rights Issue will be used to partially fund the cash component of proposed acquisition of 80% of the issued capital of Consolidated Finance Group Pty Ltd (ACN 124 319 857) (CFG), 50% of the issued capital of Qld Pacific Finance Pty Ltd (ACN 083 028 684) (QPF) and 50% of the issued capital of Linx Finance Australia Pty Ltd (ACN 086 431 629) (Linx) as announced by the Company on 19 August 2016 (together, the Acquisitions) ..."
Not sure this would be an STT, but I will tip it when it drops to about the CR price of $0.11. Just gone ex-record on 29th. Now need to wait a bit till it drops to CR price to avoid a little overpaying.
