My read on this is after reviewing the initial announcemnents is that the largest two of these earnouts Capiotech 12.1m (due August 2012) & Progress Pacific 8.7m (due September 2012) are 50/50 cash/stock.
So the cash component to settle the Earnouts is approx 10.5m. I expect it will be settled out of cashflow and debt.
half year ok i'm buying, page-4
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