Ann: Expected Non-Cash Impairment of Assets, page-11

AI - I don't hold this one, but saw your post and was interested to learn that Graysonline and Righttodrive were both stock acquisitions. I did not know that (because I've not really followed ECX).

A bit of quick checking seems to confirm this:

* The Graysonline deal went through with Grays shareholders receiving 0.3656 EclipX shares for each Grays share held. (Approx 47m new shares issued).
* The R2D deal resulted in 22.2m new shares issued.

I had been assuming the ECX debt came from these acquisitions and that the purchase prices being flashed around in the current media articles represented 'dead money'.

Whilst this does not change the fact that the ECX business is under stress - and it would probably have been simpler if value had been destroyed by costly debt-funded acquisitions because now we have to find other reasons - I think your point about the cost of the acquisitions is pretty well made.

Personally, I'm going to fence sit a while longer - but thanks for pointing out the basis misconception in the sensationalist headlines putting large $$ values on these acquisitions. Really useful.