@ hesterm - the performance shares listed are for the purchase...

@ hesterm - the performance shares listed are for the purchase of the MM business (see announcements dated around 21 December 2018).

They have nothing to do with management (who already have plenty of their own performance shares)!!!

One thing that hasn't been discussed on here to my knowledge is why do SW1 need to increase their banking facility by $1.5m (up to $6.0m) for this acquisition?

Given that the purchase price for MM is all being paid in shares, and that we are presuming that the MM business is profitable (on revenues of $7.4m for 2017 / 2018) - then why does SW1 have to increase the limit of their banking facility?

I think that SW1 have stated that they are paying no more than around 6 x EBITDA for MM - so given the business is profitable, I am not sure why they need to increase their banking limit?

Unless MM is still cash flow negative at current revenue levels (and need to grow further to become cash flow positive)?

It really would have been easier if SW1 had announced the profitability of MM at 30/6/2018 - so that we are not trying to guess all these factors.

Would really appreciate any other thoughts on this?