Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-62

I doubt they achieved earn out for THM fy22. I'm not even sure the 25m was ever realistic. For that to happen they would have had to be up 20% in revenue (vs fy21) at time of acquisition, and for that to continue through to year end. And they would have needed $5m revenue for the final quarter. Nowhere can I find any summary of where the business was at at time of acquisition, so we have to wait until the announcement comes out. Having said that, considering the last quarter was generally not a good quarter for retail, a slight beat on last year's pcp isn't too bad. We also save a bunch of cash (that we don't have). Ie. $0.5m + the difference between shares issued at 8c vs 5.4c (around $0.65m). Maybe this was deliberately done via discounting to avoid payout? Maybe that was part of the reason for Rhiann stepping down?