This is a company with huge margins that's looking to grow...

This is a company with huge margins that's looking to grow aggressively. Given JIN has a gross margin in the high 90s% and EBITDA margin over 60% in FY19, you could argue that the initial re-seller agreement with TAH was not commercial from the outset and having to give away less than 5% of this margin, plus a one off $15m payment to secure the business for the longer term is a solid deal that sets the foundations for the company for an additional decade while still leaving plenty of meat on the bone.

Today's price reaction was surprising, but not totally unexpected given how shareholders were kept in the dark. For such a material deal, the announcement was scant and a presentation wouldn't have gone astray. In this respect, the company could do a lot better