Wrong. Shells with a cash pile (ie. APY) will not pay for a top...

Wrong.

Shells with a cash pile (ie. APY) will not pay for a top shelf acquisition in cash.

You'd think a top shelf acquisition would be more than their cash pile?

Also if they paid cash (assuming the top shelf acquisition was $7m or less), they would be left with no cash and they would need to raise cash again to run the new business which is highly unlikely,

Acquisition consideration will be in APY shares and I'm guessing it'll be at least $10-11m which means that the current shares on issue will double, the founders/owners of the acquired business will hold 50% of the shares in APY post acquisition, the current Chairman will hold about 5%, the new APY will have a "top shelf business" with $7m+ in cash and will be firing from day one post the acquisition - everybody wins (that's holding).

Cheers,

GB.


ps. I hope someone dumps a few into 1c and you get your fill and I get my hopefully final top-up.