It is wrong in a number of ways.
1. (Company with 48M debt and 4 x machines) does not equal 4 x (Company with no debt and 1 x machines).
2. The consideration isn't 48M because you are forgetting the 15% or so of shares to the two directors.
Think about it from the other side:
TSi India gets $48M + the two directors get 15% of the diluted market cap (under escrow). That 15% is not insignificant.
Ann: Exclusive Option Agreement to Acquire Balance of TSi India-TSN.AX, page-129
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