Ann: Full Year Results, page-9

They gave a nice presentation when they initially acquired the Trials West business, however I was shocked to see that in the AR the 8 million they paid for it (4 mil deferred) is 90% goodwill!

There are literally no assets in this purchase except for the brand/IP. I'm assuming the staff are key to ensuring this business keeps revenue increasing, however key staff have only agreed to be there for 3 years (coincidentally to build revenue up to trigger the milestone 4 mil payout).

Can anyone who is of an accounting mind give us any insights into whether they massively overpaid for this purchase?