Don't be fooled, page-12

I refer to the primary assertions at the start of this thread: "RXP make acquisitions when they are in trouble.... they overpay on acquisitions... they keep the vendors in the business and pay them nothing...They get remunerated through an increased acquisition payment....this increases EBITDA and operating cash... "

Dealing with the payment for acquisitions process in this post, I looked at the last 5 acquisitions as follows:

	Column 1	Column 2	Column 3	Column 4
0	Date	Acquisition	Consideration	Staff
1	03/03/2014	Insight 4	$   5.4	40
2	23/05/2014	Aptus	$   1.8
3	31/10/2014	Centrium	$   4.2	29
4	06/08/2015	Engage Vidacom	$   6.0	90
5	13/10/2015	10 Collective	$   3.5

In 3 of the 5 RXP announced the number of staff acquired and they are fairly large in each case with staff remuneration in the $$millions. With 1 or 2 vendors in each case, even if the acquisition payments process was adopted it would have an immaterial impact on operating earnings.

For the record, I'm a private investor with no relationship with RXP. I found the company in early 2013 and, with 6-figure profits, it is the second best performer in my portfolio in that time.