Motors - when you say "making $7 million" per annum, I assume that you mean that this is a revenue figure?
My advice to you is that there is NO WAY ON THIS EARTH that it is being bought for 1x earnings. These businesses simply don't change hands on those sort of multiples. If that was the proposal, then the independent expert's report would take 5 minutes to prepare as it is so clearly fair and reasonable.
If it was fairly priced. . . .. .and who knows whether or not it is. . . . . I would expect about 8x EBITDA. But that is just a guess, i am not super close to the sector.
But the fact that it is dragging on is not a good sign.
ALSO - ASX insists on a 7 day review period for a Notice of Meeting, so i can't see this being out til late June if they are still seeking information on the business to be acquired.
As for the deal being fishy - the fishy part is WHY WOULD THE PROPRIETOR OF A GOOD BUSINESS SWAP HIS LIFE'S WORK FOR IMI SCRIP??? he is either crazy, or it is not a good business.
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