Financially, all we know is it’s costing $45m comprising a $25...

Financially, all we know is it’s costing $45m comprising a $25 cash upfront payment and a potential additional $20m in APX shares and that FY21 EBITDA will take a $2m hit as a result of further investment in it. No info provided about its financial contribution to the business or when it will be earnings accretive. So we know that current assets reduce by $20m, intangibles potentially increase by $45 and existing shareholders are likely to be diluted. Not surprising that the market is treating it with a high degree of trepidation in the same way as they are with the heavy FY21 earnings skew to H2/Q4. Poor communication by management which is par for the course.