Ann: IBN acquisition of the assets of Indo-Pacific Property, page-8

I'm not really across the real estate industry too much, but I'll give it a crack.

There is a Future Commissions Receivable Book, and we only have to pay back the vendors 50% of these commissions in excess of $250k.
They mention $2.6m, which means we keep 250k plus (50% x $2.35m) = $1.425m we keep.
They also mention a PROFORMA Future Commissions Receivable Book of c. $6.58m gross, and c. $3.90m net.
I don't understand the difference between the $2.6m and the $3.9m, so I'll stick with the lower number of $1.425m

They manage an annual rent roll of $1.2m, for which they appear to earn $70k p.a. in management fees.

They come on board as a 10% shareholder, with a track record of $250m property sales in WA since April 2015, which earned them $6m in commission. It appears the WA Property market is picking up via the improvement in fundamentals in the mining industry.

It sounds like a great deal, and you would expect good synergies between the two companies.