Post by HarryBarryon Apr 19, 2025 3:56am
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Post# 36544483
Can anybody explain this major anomoly?
Can anybody explain this major anomoly?
I've been reviewing the Initial News Release and the detailed Powerpoint Presentation available on the Blue Ant Website.
Per the News Release
Based on a share price of C$2.25 per Blue Ant share and the Exchange Ratio, the implied consideration under the Transaction is C$1.801 per BRMI share (pre-consolidation), which is a 125% premium to the March 21, 2025 closing price of BRMI's shares on the Toronto Stock Exchange ("TSX").
This figure is footnoted as follows
1 [Based on the latest transaction price for Blue Ant shares at a price of C$2.25 per share; C$1.80 per BRMI share determined based on the exchange ratio and Blue Ant's agreed per share valuation which is based in part on the pricing of recent transactions completed by Blue Ant].
Powerpoint presentation.
Slide 23 provides quite a detailed breakdown of the Boat Rocker Acquisition Value Components totalling € 106M or $1.80 per share
But Slide 27 – which details the “Pro-Forma Post RTO Balance Sheet” combines the above $106M with Total Debt of $70M to yield an Opening “Net Cash” or Net Assets figure of $37M.
So how can this Debt of $70M be magically overlooked in coming to the implied consideration of $1.80 per share that was broadcast in the original news release?
Harry