Clarity & Next Steps

Cash Upfront Flexibility

Cash upfront is flexible and can be up to $75M if the deal is really good and makes sense. This is significantly higher than the initial $20-40M parameter, indicating willingness to deploy substantial capital for exceptional opportunities.

Mandate Source

The mandate is from Tony personally (as major shareholder and advisor), not from the company directly. This means faster decision-making and more streamlined evaluation before company-level review.

Deal Flow Process

Tony will evaluate targets first, then take them to the company. This two-stage process is much easier and faster, leveraging Tony's position as the largest shareholder.

Debt Comfort Level

Flexible on financial condition and open to distressed assets, but NOT if the distress is due to high levels of debt. Debt is not required but also not disqualifying unless it's the primary driver of distress.

Crypto Preference

Better NOT to be crypto-native. While the original brief suggested crypto exposure, Tony clarified that non-crypto businesses (fintech, infrastructure, enterprise SaaS) are preferred over pure-play crypto companies.

Target Profile — Not Distressed

Tony is NOT looking for distressed businesses. He's just looking for a good business — most likely private, hard to find good deals that are already listed.

Geography — Anywhere

Does not have to be Australian — can be anywhere. This significantly expands the target universe beyond Australia.

Accounting & Track Record

Needs good accounting and track record. Financial transparency and proven operational history are critical requirements.

Cash Parameter

Mandate Clarification

Target Criteria — Debt

Crypto Positioning

Target Financial Condition

Geographic Scope

Is there a preferred deal structure (cash+scrip, earn-out, capital raise, etc.) or are all options equally viable?

What's the ideal timeline for first targets to be presented? How quickly can decisions be made once targets are presented?

With global scope now confirmed, are there any geographic exclusions or preferences? Any regulatory considerations for cross-border acquisitions (tax structuring, ASX listing requirements)?

At what stage does the DCC board get involved in evaluating targets? What level of detail do they need before engaging?

Is this engagement exclusive, or are other advisors/bankers also sourcing targets?

Why 'better not to be crypto'?

Does this reflect regulatory concerns (ASIC, ASX listing rules), market sentiment (crypto volatility, investor perception), or operational preference (easier integration with non-crypto businesses)? Understanding the rationale will help refine target criteria.

Tony as Mandate Holder

Since Tony is acting as advisor (not on behalf of the company directly), does this mean faster decision-making but board approval still required? What's the approval threshold for Tony to greenlight a target for company-level review?

'Good business' definition

What specific metrics or characteristics define a 'good business'? Revenue growth rate? EBITDA margins? Customer retention? Market position? Understanding these benchmarks will help filter opportunities more effectively.

$75M Cash Ceiling

Is this a hard cap or 'up to $75M for exceptional deals'? What makes a deal 'really good' enough to justify $75M vs. $20-40M? Understanding valuation expectations and deal quality benchmarks is critical.