Ann: Business Update - Acquisition of TNZI Voice Business, page-3

Yep, I like the preso that Rene gave. Apparently they've been looking at an acquisition like this for 6 years.

The NPAT of 7 only includes 3 month contribution of TNZI, and includes a one off acquisition expense of 300K. They have bolted on a 22M business with no share dilution, and no impact on forecast NPAT in the first year.

Going forward, even with the conservative estimates that Rene age in the preso, it seems that the NPAT will be 8+ prior to growth.

So I'm expecting the NPAT to rise, not the share price to fall......