They have invested €500k (circa $825k AUD) for 15% of the German...

They have invested €500k (circa $825k AUD) for 15% of the German subsidiary which implies a valuation of $5.5m AUD for that business. Assuming this business is comprised entirely of the assets we recently acquired from Prolupin for $4.2m AUD, this already implies a circa 30% premium to what we paid for it only a month or so a go.

This appears to me to be a good deal considering we now have a strong (and motivated) European distributor for that business, but I think the key question here will be determining what assets sit within the German subsidiary and whether it is solely the assets we bought from Prolupin or whether there are other intangible assets, licensing agreements, etc included within this. They should be providing more detail on this front.

As for the IP, the exclusivity agreement is only over the former Prolupin IP bought as a part of the $4.2m AUD asset purchase agreement, rather than the Buntine Protein IP which has been developed in Aus. I would expect that WOA as the holding entity would be licensing the use of Buntine Protein to the German subsidiary which Inga now has a stake in.

Overall seems like a great deal but I’ll be seeking out some more clarity on a couple of the above items to confirm this.