I think with regards to footprint expansion alone this is a...

I think with regards to footprint expansion alone this is a powerful move for TPS. One of their primary weaknesses was the concentration of their assets in WA.

Vic, NSW, QLD provides them with a whole new order of scale and potential for growth without having to establish costly control centres before lagging sales come through. 

On the surface the metrics are favourable too. Hard to say without the Onwatch earnings being disclosed but they appear to have revenue approx the same as TPS had 12 months ago. So a price of $35m would be a bit higher than TPS market cap at the time. Synergies of $2m (cancelled in the first year by transactions costs) to me means maybe an extra $10m on the valuation. 

There is obviously some dilution for shareholders, but at a conversion/raise price of 25c (~38% premium) that is somewhat minimised.