This is ignoring the €7.3m earn out payment to the vendors. And...

This is ignoring the €7.3m earn out payment to the vendors. And this hasn't been paid yet. This amount is essentially a 50% premium on the purchase price.

It's also important to note that only 50% of the original purchase was paid upfront in cash and stock, the remainder under vendor finance. Of this, only 1 of 8 repayments have been made so far. Therefore there is perhaps €14m still outstanding assuming the conditions for the earn out are met.

What is Diasource worth? More than €15m, more than €22m? ADO probably paid closer to €25m if you include consult fees, DD and the Canadian CN wreck.