Approximately $4.8 million of that purchase price relates to properties that currently lack certain required landowner consents to assign, and therefore, are temporarily excluded from the closing. Both Crimson and Smith anticipate that the remaining consents will be attained and will close in the near future.
After adjustment for the estimated results of operations of approximately $7.4 million for the period between the effective date and the closing date, and other typical purchase price adjustments, and assuming that the $4.8 million related to the consents will be attained, the final cash consideration was $57.4 million, of which $52.6 million has been paid.
The additional $4.8 million in consideration will be paid once the landowner consents are received, which is expected to occur by the end of July 2008.
