Ann: Investor Presentation, page-119

Still don't see the point. $20mill at 6% interest (could be higher as it would be reasonably high risk loan) is $1.2mill a year. Why end up with a fully drawn loan that you need to draw down to then take any useful advantage of whilst in the meantime paying interest on it? If this company is going to $1bill as some suggest, or even $200mill, what's a $20mill dilution down the track based on performance? $50mill way to much up-front. Should have been way more incemtive-based (as most acquisitions are).

Would Danny have accepted $20mill less? Who knows. Maybe if it came to the crunch. Maybe instead he could have reduced it by the $16mill loan. Don't know wasn't there but Danny has a pretty decent deal. Worst case scenario he walks away with $70mill ($50mill + $20mill paid in shares over 2 years) plus director and division head salary. Did the tail walk the dog?