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4.8¢ fitzroy resources limited

Valuation of FRY shares, page-13

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strauss

22,120 Posts.

20

07/09/15

18:59

Post #: 15950134
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Originally posted by heraclitus ↑

See table on p.3 of the acq Ann.

639M fpo, plus a range of options that will bring varying amounts of capital in to the company. Again, I'd have preferred to see higher exercise prices but what can you do.

67M performance shares: The performance shares will convert into ordinary Fitzroy shares upon the company announcing that a suitable independent expert has delivered a report to the company confirming that 4D-S has achieved endurance consistency, as defined in the BIA.

i.e. we'll see 10% dilution to the register when 4D-S basically prove, independently, that the memory is the real deal and has one of the key properties required for commercialisation.

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I used 650m shares on issue but even using 700m shares the upside is still just so enormous given the trade sale metrics

"But looking at the presentation page 17 "Recent transactions" the 4 examples given have an avg takeover value of $490m USD thats $700m AUD"

I'm thinking anything less than at least 20% of the sale avg is just being ripped off so that would give a 20c target approximately

FRY Price at posting: 5.5¢ Sentiment: None Disclosure: Held
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