Ann: IDX: Replacement Bidder's Statement, page-57

Some points of interest from the supplementary bidder's statement.



Section 6.6 Effect of the Offer on the Combined Group's substantial holders
>If there is a 100% take up of the offer, 55% of CAJ shares will be held by IDX shareholders.


Section 6.12 Specific assumptions
Adjustment to statutory forecast financial information
> The completion of the offer has been based on an estimated  completion date of 16 April 2018 based on Capitol Bidco's best estimate.

Section 7.2 Funding of the offer amount
> Capitol intends to pay an interim dividend for FY2018 regardless of whether the offer is successful.

Section 9.3 Risk factors
9.3(d) Existing ANZ Debt
>Capitol Bidco understands that Integral has existing indebtedness to Australia and New
Zealand Banking Group Limited in an amount up to approximately A$100,000,000
(Existing ANZ Debt) which may become due and payable as a result of a change of
control of Integral arising from the Offer. Prior to making the Offer, Capitol entered into a binding commitment letter with NAB (the Commitment Letter) pursuant to which NAB
has agreed to enter into a formal agreement to provide a term loan facility (the Term
Loan Facility) for the purpose of refinancing the Existing ANZ Debt, if required (the
Loan Facility Agreement).
Subject to the satisfaction of the Financing Conditions Precedent (as that term is defined
below), the Term Loan Facility will be made available by NAB to Capitol Treasury Pty Ltd

Section 10.2 Acquisition Opportunities
10.2 c) New opportunities
>Capitol will continue to evaluate new acquisition opportunities as they arise. Although
Capitol is optimistic that one or more of such opportunities will be pursued, there is no
certainty that any acquisition will eventuate.


The last point (10.2c) is probably just standard legal stuff to protect themselves if another acquisition falls in their lap but if you look back at the MD's Presentation   from last November, page 9 has a diagram showing the "Target Acquisition Pipeline Under Negotiation (next 6 months)".  The estimated total is $35-$40 million, I-rad & RT only total around $28.5 million.