Ann: Race Leadership Changes, page-372

To reiterate, if the board are looking for a neat and tidy transaction, and JC has repeatedly said the $1bn is the ceiling he expects, then a cardio market analysis and valuation will be at odds with the BOD’s held view and strategy.

If an informed shareholder base set an IP valuation and buyout figure beyond what the BOD/Chair feel they can deliver, it may create grounds for serious pushback or a vote of no confidence in certain parties.

Who is our biggest shareholder after all - and most vocal about looking after shareholder interests above all? And also reportedly in conflict with the BOD on certain matters?

It would be important for the BOD to clarify their IP valuation to the wider shareholders. Not doing so would be unfortunate (or perhaps unethical and not in shareholder interests), as it does not allow these members to accurately gauge any offer.

IMO