Ann: Trading Halt, page-48

It looks to me that size of the acquisitions is indicated in this AFR article. $20m raised, to buy acquisitions at 6x EBITDA, so at a minimum, TNT must be thinking about buying one or more companies with a total annual EBITDA of ~$3.3m. If they go bigger than that, extra money must be coming from debt or elsewhere. That sized EBITDA will buy them another company the size of iQ3 ($3m EBITDA when acquired). And $20m @ 21c will add 95 million extra shares to the SOI. Hmm, I'm not sure this looks that wonderful to me. To do a CR with the SP bumping along a base support level in the low 20c's is potentially just compounding the dilution issue. It'll be interesting to learn why the new acquisition(s) are needed.

All IMHO, DYOR