Ann: FY2019 Full Year Results - Media Release, page-9

Can somebody clarify this. To me the multiples paid seem a little bit higher than they say...



So if look at podiatry and take the 77.8% equity stake that HLA has in the company and we look 77.8% ownership of the EBITDA then we get...

Podiatry (1,026*0.778=$798k)

That makes the multiple paid (assuming earnout is paid):

Podiatry (3785+200)/798 = 4.99x

Or does HLA actually require payment for clinic class shares from the vendor? i.e. they will have the right to repurchase those shares off the vendor when/if they leave?