Ann: CTM to acquire Corporate Travel Planners, Inc (Texas, USA), page-3

Smart buy. Gets us into an important growth segment of the industry. EPS accretive. Adds an annualised $700m TTV. When CTD introduces its IT systems this will translate to an EBITDA $A21mill plus contribution.
TTV conversion to EBITDA in the US is around 3% in the US and growing. In Asia its only 1% with huge growth potential when we get clients converted to our IT system. No doubt the Honk Kong issues would have encouraged clients to get on line to save $$. The great thing about CTD is that it shares the savings with clients. Its a win/win.
I expect a flatish first half overall with a good outlook for the second half. Maybe even a further acquisition next half.
Smart move by JP to make the acquisition effective from 1/1/20. Avoids the certain short talk that it was acquired to paper over cash shortages etc.
Reality is that CTD is in great shape.
Ignore the short talk. Its self serving. Although as CTD consolidates through this shorting episode its had time to settle down, improve the business and reload. First shot just fired with the small US acquisition - EPS accretive.
The big 'kicker' for holders will be when current shorts eventually have to unwind. That is inevitable.
A good outlook for the second half may see a fair bit of accumulation to take advantage of the inevitable short exodus.