RE:103 M funding gap will dilute GIII shareholders Dilution will be more likely by giving JV partner bigger share but still irrelevant due to extreme undervalued stock price.
| | Old capex | New capex |
| Capex | 175 | 293 |
| 75% Debt | 131 | 220 |
| 25% equity | 44 | 73 |
| ebitda | 200 | 230 |
| 12% debt Interest | 16 | 26 |
| 5% depn | 8.75 | 14.65 |
| ebt | 176 | 189 |
| Co’s JV share | 50.0% | 40.0% |
| Co project ebt | 88 | 76 |
| Co. cash exp | -10 | -10 |
| Co. ebt | 78 | 66 |
| 30% Income tax | 23 | 20 |
| Net income | 54 | 46 |
| Diluted shs | 124 | 124 |
| eps | $0.63 | $0.53 |
| Multiple | 20 | 20 |
| Sh value $US | $12.54 | $10.58 |
| fx rate | 1.25 | 1.25 |
| Sh value $cdn | $15.68 | $13.22 |
Schoener wrote: Creating around 100 M new shares at these prices.