1H 2020 Results - The good & The Bad & The confusion, page-55

The things I'm worried about is their constant focus on EBITDA which doesn't take into account 132% increase in share-based compensation and increase in acquisition costs.
Firstly, share-based compensation is just another form of employee expenses/labour costs.
Secondly, as a company that enjoys an acquisition or two would you not say that acquisition costs related to legal, due diligence, valuation and other business combination costs is taken into account as a part of the acquisition? The big jump from sub-500k to $3.4m relates to PFS and they're indicating further acquisition related costs to complete the acquisition.
I haven't reduced my position, but being a shareholder, the PFS acquisition can't come soon enough because the core business of G&I is not going as well as the current valuation.
Will only top up below $3 until the PFS acquisition gets done and then reassess.