$1.6m revenue from the OEM business - under the approx $2m...

$1.6m revenue from the OEM business - under  the approx $2m @groberts estimate last year. Margins reasonable (but not specified) on this, so can assume a reduction in cashflow going into the next FY (and mrsb, I agree 35% sounds plausible). Given the business has nearly doubled its cash reserves over that period of time to $1.55m, I don't foresee this as an issue to overall cashflow going into the next FY assuming no improvements to either the Clements or TUTA businesses  - of which I personally believe there will be.

I think it's quite possible this profitability is recouped over the coming 12mths on the groundwork laid by the Ardo launch by the Clements division. If it is an issue, I don't see why ICU would be making an offer. They've had exclusive access to the books and are offering ($10m net of cash) at a level that is beneficial to them on a company that has been trading at a low level for some time.... Predatory is the word.

Interesting the final paragraph outlining a $112k payment made to Michael Jones's Wife (Rachel) for Ardo Clinical services... positive family benefits there...

Nothing earth-shattering, I'm still of the believe that the ICU offer is too low, and would rather see the company continue as a going concern. Seems like management are looking to land a cushy role in the new enterprise, rather than do what's best for shareholders, but I might well be on my own with this view.

all IMO, DYOR etc...