Call from the CEO, page-13

Mohnish

Why are you talking about raising $$$ in TSi if the Tsn buyout was only to take out Cx Partners, it wasn't to inject fresh capital into TSi?
How are the quarterly numbers looking, and are we back to profitability, as in net profit before and after tax, not ebitda?
Are we back to the profit and ebitda numbers prior to demonitization? And if not, how far away are we in percentage terms?

My view is, of TSi were doing 15% ebitda margins on $60 million revenue (which is what we were told it was doing prior to demonitization), then we could justify the $47 million purchase price to take out Cx, which would be around 5.5x ebitda (minus cash).
However, if the numbers aren't quite that just yet, then the $47 million is far too high, especially if you have had 2x ebitda loss months.
And as I stated earlier, of Gary paid $47 million for a business which is say producing half the previous ebitda and no net profit, then we have paid far too much, even if the purchase is for the long term. It needs to be instantly value accretive for Tsn shareholders.
Please provide more colour around this.