Remember, they had an 'expected' payout of NZ$90-96m. They've chosen to pay NZ$100m.
However, the payout amounts were variable based on FY21/22 performance:
They've brought forward the payout and effectively offered 7 times FY21 EBIT, instead of 6.7-7.2 times FY22 EBIT.
I think that's quite prudent, especially given the growth rates.
If you believe earnings will grow, you've effectively avoided paying extra on the performance uplift, as you have for the 40% that could be deferred to FY23.
This allows the vendors to leave earlier than planned, and ADH to improve the business without an additional tax on earnings increases.
Win-win as far as I can tell.
Remember, they had an 'expected' payout of NZ$90-96m. They've...
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