Just got off the phone with ETT chairman. Very nice man who certainly sounds level-headed and determined to provide value to shareholders through this proposal to buy FarmWorks. The bottom line is that Farmworks could end up with 1/3 of ETT's stock, icnl. options. That sounded like a good price from ETT's perspective. Due diligence has already begun and they will have access to some thorough financial info, another parties, that should help keep to a schedule of 6 weeks. Following that the AGM will be required to approve the Information Memorandum proposal, another 4 weeks. So 10 weeks is the expected turnaround time for this purchase. He sounded very optimistic regarding the potential of this company and as I said has a level headed view being..consolidate 1st year, then begin growth second year. This is also indicated in the first EBIT challenge of $5m. This does not include any growth forecasts, whereas second EBIT of $10m does. There is a fair way to go here but if all goes to plan the outcome could be a very nice Xmas present for shareholders!
