CNW 0.00% 6.1¢ cirrus networks holdings limited

They haven't. It states several times in the 4E that it is 'IF'...

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    They haven't. It states several times in the 4E that it is 'IF' they meet those conditions. This is all the times correct communications is mentioned in the report:


    Page 2:"Thesecond tranche will depend on the EBIT multiple result being greater than $2 million and will be calculatedafter the release of the audited FY18 full year financial results."


    Page 7: "The ACT grew combined services revenue from $283k to $3.8m off the back of the very successfulacquisition of Correct Communications in November 2017." and "Corporate activity for the year was underscored by the successful acquisition of Canberra basedCorrect Communications in November 2017."


    Page 26:"Cash held by Correct Communications Pty Ltd at acquisition date 413,947"


    Page 27: "The working capital deficiency at 30 June 2018 has arisen due to the $3,000,000 deferred considerationpayable in relation to the acquisition of Correct Communications Pty Ltd as disclosed in note 19 of thefinancial statements. Of this balance, $1,000,000 will be settled in cash, and the remainder can be settled incash or shares at the discretion of the Group. Based on business forecast and associated cash flow, theGroup has sufficient working capital to fund its mandatory obligations for the period ending 12 months fromthis date of this report.There are no indicators suggesting going concern issues and, therefore, no significant doubt regarding theentity's ability to continue as a going concern."


    Page 39: "Impairment testDuring the year ended 30 June 2018, the Company acquired Correct Communications Pty Ltd. During theyear ended 30 June 2017, the Company acquired NGage Technology Group Pty Ltd. Refer to Note 19 fordetail on the Correct Comms acquisition."


    Page 50: "Acquisition of Correct Communications Pty LtdOn 23 November 2017, Cirrus Networks Holdings Limited completed the acquisition of 100% of the sharecapital of Correct Communications Pty Ltd for 3.92 times FY18 EBIT (“EBIT multiple”) with a minimumpurchase price of $2 million and a maximum of $5 million.The purchase price comprises two tranches. The first tranche being $1.5 million paid in cash on completionand $500,000 in CNW shares issued on the 25th May 2018 at an issue price based on 5-day VWAP at thetime of issue and escrowed for 2 years. On 25th May 2018, 21,969,621 shares were issued with an issue priceof $0.0228.The second tranche will depend on the EBIT multiple result being"


    Page 53: "2018: Issue of 21,969,621 deferred consideration shares in Cirrus NetworksHoldings for acquisition of Correct Communications Pty Ltd – refer to note 19."


    Page 58: "During the financial year ended 30 June2018 the Group made a businessacquisition of Correct CommunicationsPty Ltd (“Correct Communications”) asdisclosed in Note 19."


    That's it. 






 
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