*Whinge Alert
Am I the only person shitting bricks over this acquisition and the risk associated with integration?
Firstly, there has been a huge Information edge/arbitrage from the Instos over retail holders. There was no public web conference for this massive $400m acquisition... but there was one for the Flex-e-card. The EMLcon presentation has not been released and also no recordings from the AGM - what ever happened to the dividend policy discussion? I think it is fair to say that there has been a lack of communication to retail holders.
Secondly, for all the talk about EML's growth opportunities, did anyone else see that the Q1 FY20 GPR result was weak - 3% rev growth PCP. It is probably a good thing that PFS is a (higher quality?) GPR business !
Thirdly, why is there a need to hold ~$20m in escrow for claims? Hopefully the three month DD was enough to find any skeletons in the closet.
Forth, how significant is the key personal risk in Noel Moran in running this business? He did just win another European CEO of the year award in the last 24/48 hours...Fortunately, he will own approx 6% of EML once this acquisition is complete so he will have a huge vested interest in EML once his 12 month contract expires.
Lets hope this deal brings the luck of the Irish
A Game Changer, page-6
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