Couldn't agree more with the sentiment here of holding off on...

Couldn't agree more with the sentiment here of holding off on further acquisitions at least until the end of the calendar year.

Whether they fund it with dilution, debt or both, the result will almost always be a further decline in SP as far as I am concerned.

Once the integration is complete in July, we should see increased staff availability for marketing/cross selling, with little to no increase on the balance sheet in terms of staff expenses. Couple this with having a great quarter (minimum of $2M new TCV to keep on trend?), and we should be able to complete the payment for the MNF group as @LD99 has outlined above, leaving us with plenty of cash in the bank to continue operations. Certainly not enough cash at hand for a further acquisition, but enough to comfortably operate or make a slight dent in the debt facility.

This would catapult us into FY23 as cross selling SHOULD further enhance cash flow for the remainder of the year, and with MNF paid off, we could deploy the increased profits towards paying off the 8%-13% loan.

Vonex have been able to pay off $3-$4M per quarter of the MNF deferred payment with current and past cash flow (which was significantly less). Given the positive outlook due to TCV and ARR growth, I see no reason why we cannot take a similarly aggressive approach to also eliminating the debt facility? That is the only stain/deterrence on our balance sheet as far as I can see, especially in the current climate?

As you can see they're still focusing +++ on integrating Voiteck and MNF. To acquire now, or another acquisition so soon after MNF is complete will then mean the staff costs would continue to increase, because of the workload associated with further integration and also paying the existing staff of the acquired company. Not to mention the headaches of trying to integrate so many systems.

I am happily averaging down for the time being (not advice), but a poorly timed acquisition with further debt/dilution would really be a test of faith here.

Just wanting to continue the discussion further, not advice. Just thought I would have a ramble to get my head around things.

Goodluck