So that would make the TP, (112+1.2*50)/2.2 which equals 78.2 cents. Have not checked to see if this math is correct though.
Printable View
Existing shares = 295,073,217
New shares to be offered = 354,087,860 + $30 million in under writing (= 414 million stated in the documents )
totaling 709,152,077 shares
Closing market value = $330 million + $207 million = Market value of $537 million or 75.7 cents a share
*your equation missed out the under writing cost
Share price was $3.64 not that long ago.
Hype from growth by acquisitions quickly dissipates when the tide turns ...bubble bursts