Ann: TSN to Acquire Profitable Cloud & Cloud Security Business, page-2

Explains the spike.
" TSN TO ACQUIRE PROFITABLE CLOUD & CLOUD SECURITY BUSINESS
• TSN signs Binding Agreement to acquire 100% of Cloudten Industries Pty Ltd, a highly
accredited cloud and cloud security service provider
• Cloudten’s FY18 revenue of $3.8 million and profit before tax of $1.6 million
• Total consideration of $8.6 million plus variable performance-linked components
• Attractive valuation multiple for a high growth business
• Earnings accretive and minimal dilution to existing shareholders
• Firm commitments received for a capital raising at 0.85 cents per share (premium to current
share price) to raise $2 million to fund the Acquisition, incl. $50,000 from 2 Directors