Ann: Swift Buys Digital-Out-Of-Home Media Network, Medical Media, page-23

Just a thought on that while i got some time to look at my SW1. They need to hit the target in consecutive 12m periods. So should that be $26mil in Rev as they have to hit it twice to get all the gold?

So if they just hit the first target only in the 4 years we should get $40m Rev and only pay $5.5m
If the hit the big one in the first two years (doable going off the preso) we get $26 mil but pay $20.5m

You would think though that if they can make that target for two years the third/forth year will be robust as well.

Though i find the page 30 slide misleading. It would only be relevant if all other targets had already vested.

Guess someone else may understand it better. Think that the page 30 chart is sort irrelevant

Given they have 4years to earn them and 6 targets they need to hit more than 1 target in same years.

	Column 1	Column 2	Column 3	Column 4
0	Period	Rev	shares	Value
1	year 1	11
2	Year 2	12	34,883,721	$10,500,000
3	Year 3	13	16,611,296	$5,000,000
4	Year 4	13	16,611,296	$5,000,000
5		47

We shall see what targets get hit i guess.

I am looking forward to the half yearly. It should be a full half with no rollups taking up the space so we should see how the business is travelling on its own.