merger of equals, page-3

My opinions

I can see attractiveness in the assets of each company

I liked ROC management - I am disappointed to see Alan Linn in a subordinate role and potentially moving on next year

I don't trust HZN management, so am nervous about their elevated role. My investment thesis was about the assets, and I was risking/tolerating the management in the hope that value would be realised at some point.

The deal itself (structure and value) is not a good one for HZN holders, there is nothing creative, nothing clever and there is no value realisation for HZN holders.

Big winners in this are HZN management, they've undersold the company to get a bigger power base.

I really hope someone else is emboldened to take HZN out good and proper, and realise value for holders.

Lets see what the market thinks