Ann: Tesserent to acquire Asta Solutions, page-8

I think you're right, seems incredibly cheap at 4 * EBITDA. (Most expectations from a seller would be 2 * revenue or a higher EBITDA multiple).

As above, the question has to be asked as to what price the shares were issued? (We assume 7 cents as they are already in the market at that price, but perhaps not, perhaps 25% lower which would result in a better EBITDA multiple). All will come out in the wash as it needs to go to Shareholders, they are issuing > 15% of current capital.

And on the numbers, they would need to be bringing some significant revenue... 85 Employees at $70K each is a cost of $5.95 Million. Perhaps the employee head count includes an ODC with lower costs.

At least the offices at Box Hill will have a few more bums on seats come October.