DIA, page-65

The longer management take to work out the liquidity event, the worse any placement (if there is one) will be.

I'd hate a VWAP discount at these levels - it will be a substantial dilution.

Gut feel is that is is entering a buy zone - but with no certainty around the LE then buyers will remain in the side lines. The problem is the further this drops, the more current holders will just give up and sell - leading further into the downward spiral.

Long termers have put a lot of trust into management for a long time - me included - without any sign of improvement. The fact is though that our market cap is almost .

So bottom line now is that ADO still owe the following;

EUR 7.7 m les what should have been 2 x vendor payments of EUR 962,500 = EUR 5.775m plus interest at 8% for another 18 months = EUR 6.486

Plus

Earnout of EUR 4.322m
Total EUR 10.8m - current exchange 1.48 = AUD 15.9m
ADO has already paid AUD 14.25 m
Therefore valuation for DIA originally was AUD 30m

The market currently values ADO without DIA (excluding any growth that's occurred) at AUD 20m.

ADO announced the purchase of DIA on 26 Aug 15 - shareprice at that stage was 9cents, with 857 million shares on issue - market cap was AUD 77 million - POC1 was still in the mix though.

All in all - seems cheap to me.