guidance, page-37

They didn’t pay for Statseeker from cash flow… it was a $6.75m purchase

I am looking at the cash flow statements for the last 18 months

HY ended 31.12.2013 Operating Cash Flow +140k
FY ended 31.06.2013 Operating Cash Flow +1.1m
FY ended 31.06.2012 Operating Cash Flow +350k
HY ended 31.12.2012 Operating Cash Flow – 500k
HY ended 31.12.2011 Operating Cash Flow – 200k


They paid for 50% of Statseeker by loading the Statseeker books up with $2.5m, and by taking on 1m Debt on TCN’s books, and a cash payment of $1.2m

You might disagree with my view point, but I haven’t misconstrued the facts. Management should have informed shareholders if the spike in revenue wasn’t going to be repeated…

I am interested to see how this Statseeker acquisition works out; 1.6m of revenue to support about 4m of debt. If in the next half Statseeker revenue is higher than the 1.6m annualised, then I think this will be investible.