Ann: Preliminary Final Report, page-45

It's disingenuous to suggest that their success with Uber Australia (which is a carbon copy of international equivalents), is their inherent worth. For a start they are completely 2 businesses, completely different models etc.

You are right, they knew how to talk it up - they managed to get a nice $6m in cash and ~300m shares which were only subject to a VERY friendly 6 month/12month escrow period, for a company worth stuff all.

Take a look at the investor presentation from October last year. None of these estimates were anywhere close. Only $9m GMV for Kaddy and $18m annual income from the preliminary report. DW8 grossly missed the mark with this acquisition. The Kaddy founders are obviously laughing to the bank with the deal they got - the DW8 shareholders not so much.