This acquisition looks Ok but I cant understand why they keep issuing shares to pay for it. Surely the company must have an appreciation of where their share price is. Just like when companies suspend DRPs during periods of low share prices, they should be looking to pay in cash at the moment. For the amount they are paying they can pay it out of cash surely. It's the same logic as you would use when deciding to implement buybacks.
If you think about it they are really paying a total consideration of what the shares are ultimately worth and if that is north of the current share price (as many think) then the acquisition cost is much higher than stated. Why not lock in the low price using cash?
Of course, they may have a view that their share price is fair value or worse which sends a terrible signal to everyone else! I dont think they do see it this way but they are serial issuers and I wish they would bloody well stop!
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