Ann: Appendix 4C - quarterly, page-15

Great result and I was interested to see this explanation about the DTC deal:

Deal Terms

● All calculations were based on Damstra’s (ASXTC) share price of $1.345 and a Vault share price of $0.34 at the market close on 6 July 2020.

All the pressos and announcements to this date talked about the "implied" value or capital values of VLT.

The fact that the deal metrics are now specifically tied to a market close date for both companies on 6/7/20 may be a signal that VLT may wish to revalue if DTCs sp keeps rising (now $1.80 valuing VLT at $0.62).

Originally I thought this unlikely given all the directors had signed off on the offer a couple of days before the 4C and were happy to make VLT part of a bigger whole.

It's quite a long way to the implementation date in October in a very unstable market so there is now a fairly long period of risk for holders (not traders) on both sides of the transaction.

If DTC ups the offer (say 3 or 3.1 shares) their shareholders won't be happy. Many posted in the wake of the announcement that they wouldn't buy VLT in a fit. On the other hand VLT shareholders may not accept the current offer.

I watched something like this go on with APE/AHG and APE wound up spending well over their offer buying on market. It can get messy because certainty is in short supply.