Ann: FDV LATAM earn-out update, page-12

The news here is that instead of doing the exchange at 5x LATAM revenue they are getting it at 2x FDV global revenue.
In fact they could have chosen to exchange additional cash earn-out up to 100% even at these bargain prices but decided not to.

Shareholders are getting diluted another ~10%. Ouch.

Not sure I share your thinking in relation to the "Dilution. Ouch" bit of your post.

An additional 4.7% shares are being issued to vendors of a business acquired by FDV, at a price of 40cps, which is >10% premium to the last traded price prior to the announcement of the amended earn-out arrangements.

Shareholders could, if they wished, do what the LATAM business vendors did, and increase their positions in FDV if they believe the current they current EV of ~$125m undervalues the underlying assets of the company. And they would only have to do so very modestly in order to avoid dilution.

Importantly, this renegotiated deferred consideration takes FDV's capital surplus position (net of def. cons.) from around $10m (following the recent capital raising) to around $19m.

For a business with a capital-hungry portfolio of underlying investments, that $10m figure was probably light-on. On the other hand, $19m gives the company a far better capital buffer to be adding to the portfolio while vendor expectations, for the sorts of growth assets it is mandated to own, are muted.

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