Ann: Investor Market Update Conference Call, page-10

This looks like a potentially pivotal move for BTH that *could* add substantially to growth, and deliver it more rapidly than organic growth alone.

Still more details required to form a fully informed view.

A few key points:

The acquisition delivers around $3m p/a revenue to BTH. Current revenues are around $12m p/a so this delivers a ballpark 25% uptick in revenues from day 1.

Need to see how much earnings might come from that $3m revenue.

The acquisition is only costing $8m, which is less than 15% of BTH market cap. Seems reasonable based on revenue, depending on the earnings number.

Importantly - an additional $4m from the raising had been ear-marked for another acquisition, already identified. If BTH can pick up another astute complimentary business that kicks in revenues & earnings we might see growth kick up fairly sharply.