There is the $11m paid out for EMT Distribution, plus some extra...

There is the $11m paid out for EMT Distribution, plus some extra required for their Middle East business soon ($500k max) that you need to take into account when working out cash position. There's also some earnouts for SmartEncrypt for FY22. I believe the Dynamics Business IT Solutions earnouts are complete (March 2021).

Add in the ~$8m EBITDA for FY21H2, they should have well in excess of $31m in the bank. A binding offer will give us a more concrete understanding of what is coming.

I believe that any other bidder is going to wait for a binding offer to hit, otherwise keep their powder dry. The board statement will be critical in bringing out other bids. The more I look, the less I see any possible suitors outside of private equity or hedge funds. Many other players in this business area already have M&A underway.