EVO - Evolve Education

[whatsup]

IMHO, This situation is akin to , the devil and deep blue sea !!

[Beagle]

would love to know what the underwriting costs are.Lumping them together with working capital seems an effective way to fudge over the underwriting costs,especially as your working capital should be covered by the meaningfull contribution from Australia:-
, it is expected that this initial phase of the Australian expansion will meaningfully contribute to Evolve’s earnings, as only profitable centres will be targeted for acquisition

This is not just deliberate obfuscation its carefully planned "concealment" and is absolutely NOT "good faith" disclosure to shareholders which is yet another warning not that another one was needed lol

[silverblizzard888]

This is not just deliberate obfuscation its carefully planned "concealment" and is absolutely NOT "good faith" disclosure to shareholders which is yet another warning not that another one was needed lol

The details are in the presentation, not sure why they didn't clarify it in the actual disclosure.

Check page 5
http://nzx-prod-s7fsd7f98s.s3-websit...199/299443.pdf

[winner69]

Will still be $60m/$70m of intangibles on the books even after writing off $107m

No doubt buying centres in Australia will create another lot of intangibles but heck they have a 4 year payback ...that’s good

Probably thought about all the NZ centres they bought as well

[winner69]

This is not just deliberate obfuscation its carefully planned "concealment" and is absolutely NOT "good faith" disclosure to shareholders which is yet another warning not that another one was needed lol

Even if it’s just for a good laugh you should read the Waivers

Plenty of discussion re sub-underwriters / hands off dealings / related party stuff and more

I say no more

[Beagle]

Even if it’s just for a good laugh you should read the Waivers

Plenty of discussion re sub-underwriters / hands off dealings / related party stuff and more

I say no more

You've got to be really bored to read 43 pages of complete @#%&*. It should be plain for all to see this is a three legged mange, flea and cancer riddled mutt which I have been correctly calling on here as such, for years.

Better off spending your money on lottery tickets and probably more likelihood of winning big lol

Anyone silly enough to throw good money after bad with this one deserves what's coming to them.

Might have a read at some stage just for comedic reasons and because I do love a good train wreck, it teaches you what not to do in business.

Underwriter and sub underwriters to really get their "boots filled" with this capital raise...you read it from me first.

Talk of building things is just a load of window dressing...it was this capital raise or a super slow motion train wreck to receivership in my opinion.
Bank probably realised this and told them to raise capital "or else"

[winner69]

Suppose they needed to do an outrageous thing like a 4.4 for 1 offer (at 8 cents)

A 1 for 1 at 35 cents might have been a hard sell

[winner69]

While the price is much lower than IPO, the valuation metric (EV/EBITDA) used to sell the IPO is much the same. I can see a 1:1 rights issue at 17c as being realistic. Even then, they will still have plenty of debt.

	IPO	Now
Price	$ 1.00	$ 0.24
MC	177	42
Debt	9.5	48
EV	186.5	90
EBITDA	25.7	13.4
EV/EBITDA	7.26	6.72

Interestingly even after raising $63m and if the share price jobs to 10 cents EVO’s EV will still be about $90m. ......but that will go up as they spend the $25m in Australia

Forecast ebitda f20 maybe $15m so if historical ev/ebitda of say 7 maintained reasonable share price about 11 to 12. ......so 10 cents next week might be about right.

[steveb]

I would predict a drop to around that 16 cent mark,(on opening)where they might expect some support.Then a steady decline down to winners 10cent mark which might well be a psychological support level.

Time will tell,just glad I am not a holder anymore.

[whatsup]

I would predict a drop to around that 16 cent mark,(on opening)where they might expect some support.Then a steady decline down to winners 10cent mark which might well be a psychological support level.

Time will tell,just glad I am not a holder anymore.

Could be lower until all of the shortfall is in safe hands, could take a while.