Will be interesting to see the results, that is for sure. The...

Will be interesting to see the results, that is for sure. The fact that the original announcement references April 30, suggests to me that this was a forced sale at probably the worst point of Covid. At least the T4U team get upside on NTD stock though!

I am not really sure what is going on here, I seem to be missing something, but the announced numbers to me indicate a pretty healthy business...This is what I've noted from the disclosed information:

30/12/19:

Net cash 5.3 (17.7-12.4).

Paid out 750K (ITS) + 1.25m (dividend)=2m = 3.3m

27/5/20:

with cash on hand at 30 April of $18.4m(net cash of $6.0m) ie +2.7

30/6/20:

cash on hand at 30 June 2020 of $20.8m(net cash of $8.5m)ie +5.2

5/8/2020:

Immediately prior to the completion date,NTD had cash of $25.4m ?+9.8m (can't tell exactly)


It appears to me that the current net debt position is only -30m, and the announcement stated that May and June were profitable for T4U (the momentum evident from T4U’s profitable trading in May and June has been sustained).

There was a pretty big month on month EBITDA upgrade between May and June, and T4U almost certainly had the same (they were loss making for the year and profitable for May-June).

All up, it looks like the business could be doing well in excess of 12m FCF pa right now, giving a pretty high FCF yield in the context of the rest of the market....Again, feel like I must be missing something, but I can't figure out what!