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Also, the memorandum of understanding says that Matomy will get to keep a $3 million German tax refund due this year, so that takes the total cash balance to $18.5 million, way ahead of the £6 million market cap. I'm definitely in favour of the sale, which should complete by the 12th of May.

Looks like the market is realising the buyback by Team Internet is a good thing, despite the 40% discount. The bondholders voted for repayment at par value (i.e without interest), which will cost NIS 101 million ($28 million), leaving a surplus of $8 million for Matomy from the $36 million to be paid by Team Internet. Add to that the cash on hand at the beginning of April which was $7.5 million (see the annual results), and you have $15.5 million, a considerable surplus to the current shareprice.

Matomy has no debt other than the bonds, and the only liability is an empty office rental costing $2 million, which the company could hopefully sublease.

As many have already said, Matomy would be worth much more if it purchased the final 10% of Team Internet, but nobody seems willing to put up the cash to do so, so the buyback is the second best option.

Matomy hasn't said how they plan to distribute the $15.5 million, but the AGM on the 28th may be when they reveal their plans.