"I also think AC wants to take this private. "
I thinks staying listed suits them fine for the moment.
Likely plan over next 2 years is to get the company to a position where it makes around $12M to $14M NPAT on annual revenue of around $180M to $200M.
If that's achieved, the shares may be worth about $3 on a PE of around 18, based on 70M shares on issue. (Current share price is just nonsense).
AC and Co. then do a placement / public offering - can pick up maybe $180M net by departing from the share register. They would also no doubt want to sell their debt holding ($110M) - and a new generation of bankers will be in place by then so WBC, ANZ or NAB will snap it up.
Of course - as with all things associated with SGH - something could go wrong with that scenario, in which case it may end up being privatised and sold back to remaining principals.
Obviously a lot depends on retaining key staff and clients ..
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