In Steve's 16 March 2017 presentation, SSM was their second largest holding at 7.3% of their Australian fund (c 9 million shares, if I had to guess). Their holding in the top 20 list may be under nominees - check out the 2015 annual report.
The EGM Notice puts FY18 EBITDA at $3.5m and the full earn out requires $3.6m.
The key take away for me from reading the EGM Notice cover to cover is I can trust the management and Board to look after my capital. As for the acquisition, it is about fair if the company achieves $3.5m or $3.6m, and good value if they can achieve meaningful growth above this level.
This continues to be an easy hold, as the share price continues to consolidate (with the exception of the FY17H1 results day when it spiked) and the company continues to increase its long term value.
SSM Price at posting:
$1.16 Sentiment: Hold Disclosure: Held
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