Ann: Flight Centre Invests In BYOjet Group, page-5

Well this is my read - all IMO and I accept I could be mistaken about something: - what it seems to mean is that FLT is buying 70% at 6x FY16 EBITDA, and have put $2.52m into the bus initially. They will pay 6x EBITDA - $2.52m to the shareholders a bit after the FY 16 accounts are done. FLT have a call option allowing them to buy the remainder at 6x EBITDA FY 18 or later. The DVI SH I would assume have a put option to compel the seller to complete the transaction (after a certain time maybe). Put and call is more a US terminology from real estate/business transactions I think, than a stockmarket options terminology, where you might expect FLT can sell it back at that metric - lol - I doubt that is the case here.

The good thing is that the business has this capital injection and it reads as if there are some other synergies as well. So hopefully this can be used to make the business zing in the lead-up to the FY 16 70% calc and the FY 18 calc too.

I can understand why there could be some confusion with the put and call phrase.

Anyway - hopefully we will get some clarification soon.