AGM, page-9

I personally believe it is very important to have shares as part of a deal like this. If you walk in and pay cash you gain absolutely no loyalty from the business you are buying, this way the previous owners will not cut and run and they maintain a vested interest in maximising the potential of the two companies coming together. With the deal that fell through in NZ, part of the company was a stand alone development team, with this deal it looks like we are getting the IT side of things along with a foothold into the US. If you buy a supercharger to add to your car it helps to have the installation instructions and assistance to bringing it all together.
Fair enough with the current SP it may seem expensive now (I still think it is actually quite cheap for what we are getting) but when this was all being negotiated the SP was a fraction of current and management had little guarantee they could come up with the cash when required, I am not even sure a bank would have been interested at that time. It is easy to say you would structure it differently now that you have the benefit of knowing what happened between May and now, but put yourself in managements shoes (also Tipsly's) at the time and tell me you would have done it differently.