Current Share Price (March 2019), page-2

GFI

"In the half year ended 31 December 2017, Green Forest earned salesrevenue of $25.1 million and a profit before tax of almost $2 million."

Let's assume 0 EBITA for the other half year, based on 10-15x EBITA should be about 20 - 30mil  MC if it is a listed company. 

I'm sure Green Forest EBITA will increase significantly and we have to issue 2.35mil worth of shares to them. It's not much. Previous CR was about $6 mil.


Sunnya


Only maximum of 800k worth of shares will be issued for <2.9mil EBITA. Didn't mention what happen if EBITA exceeds 2.9mil

So I don't see the held back has been due to the shares earnout.

Good thing is we only give them one earnout. Nothing after that