Consider this
With 132.5M shares on issue and a SP of 81.5c, BRM has a MC of $108M and $110M in the bank, hence an enterprise value of (-$2M)
Back in May, just before the raising, BRM had 90M shares and a SP of about $2.85, hence a MC of $256M with approx $6M in the bank. An enterprise value of $250M
So we have fallen from an enterprise value of $250M to -$2M in about 16 weeks, or about $15M a week.
In May BRM issued 45 million shares at $2.50 each for $112.5M
Last week they still had $110M of it. They could now buy back all those shares for $37M and still leave $73M in the bank. Hence we could have an identical capital position to that which we had back in May when the SP was $2.80 .. but with an extra $73M in the bank.
We are now officially staring into the abyss.
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