I predicted something like this, but the fact that Logo gets their 60% back in exchange for "forgiving earn-outs that GSW can no longer afford to pay and EUR 300K" was not on my bingo card. So effectively Logo's founders got net EUR 5.2M euros to loan out their revenue sheet to GSW for a few years - and a goodly number of those years they weren't in the black.
Not sure how many of the 3.75M worth of further earn-outs Logo was actually entitled to - this may be some face-saving from GSW. I'm sure someone who cares enough could go grovelling through the contract and figure it out.
This will, of course, go somewhat towards repairing GSW's balance sheet, as Logo was mostly unprofitable during the time GSW owned them, and the EUR 300K will help GSW stagger on for a couple more months.
ASIC is still awaiting, cricket bat in hand.
GSW Price at posting:
29.0¢ Sentiment: Sell Disclosure: Not Held
