Ann: Half Year Accounts, page-8

"In any case, the acquired business met the TNE business case targets but failed to meet the sellers self-imposed targets in order to earn the earn-out. This should actually be seen as a great outcome for TNE as there would never be a set of circumstances where "nothing happens" scenario comes to fruition - either the earn-out is paid because targets are met (and we get drained of ~$7.4m in cash) or the earn out is not met and the accounting entries get reversed with nil cash impact - as has happened. I know which one I would prefer."

Where I differ from you is that when a company, in which I am a shareholder, makes an acquisition of another business, I want that acquired business to absolutely shoot the lights out, even if it means my company ends up making additional acquisition payments.

After all, the directors of my company must have formed the view at the outset that any such additional payments were more-than-justified in terms of shareholder value creation, in the event of out-performance of the acquired business.

Otherwise why would the directors have agreed to those contingent consideration terms in the first place?

.