The vendor issuance is shares which will be given to vendors of the businesses they are acquiring, as an alternative to being all cash.
The $10m includes all costs of the acquisitions and raising such as legal fees, contracts, stamp duty, transfer of leases and property.
Its hard to understand the glass half empty attitude of some holders here. They sound like it has been a bad investment for them over the longer term. I see total shareholder return of 23% per annum over the last 5 years, or 18% over the last 3 years.
I see that as a successful investment.
Even if there is no organic growth and we get a Fy19 eps of 7.7c, that puts us on a pe below 10. Hard to find anything trading around that valuation now.
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