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deanroberthunt - The answer is as already suggested. i.e. Sim4Travel was bought with overvalued shares NOT with cash. The vendors would have had to be pretty stupid to accept payment in stock at the current market price, with all those potential shares at 0.1p, without bumping up the asking price pro-rata based on a sensible valuation of PTC's paper.
If it had been paid for with cash, I'd imagine that the cost would have been a tiny fraction of the stated figure.
I'm sure Jak will give you a similar but more detailed answer.

If you like, I'll find you some similar examples later.

Rgds
dell

All IMHO, DYOR etc.