While Flotec acquistion seems excelent, even when it was paid by 70 cent shares, I really dont understand, why DPDW sold around 18 milions of shares for 70 cents in order to repay its debt, in particular when Dahlman Rose who did PP has 2.5$ target and did previous PP 9 months ago for around 1$.
It makes no sense to fund a debt repayment by 70 cent shares, when they were just about to close Flotek acquistion, which is going to push SP much higher in the next weeks.
What about repaying debt few months later, by another PP, after one Q report with Flotek at least? We could easily have something like 2$ SP then (with steadily flow of new Flotek orders its seems to me as a sure thing) and could made PP for 1.4-5$ easily, not for a poor 70 cents. Therefore lowering number of shares used for a repayment of debt by half. The lower number of OS, the better EPS.
The only one thing, I dont like on DPDW is that they have really high number OS for a yet small oil service company.
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