Ann: Business Update, page-46

It’s always easy after the fact. Given what’s known and where the SP is ie 51c vs last rejected offer of 80c, the market is clearly saying they don’t think an offer will come or management are too stubborn or incompetent to engage.

But that’s the rub and also the opportunity.

If/when it happens, everyone will say that was obvious but how many have put money on it? I have

I would say potential bidders will wait for full year financials because that will give them some data points. Recall management rejected all offers so there is no data room or opportunity for bidders to do due diligence yet.

Results late August. New bid by Sep/Oct IMO

Company still for sale and lots of pitch books likely flying around looking very closely. Tick tock