Ann: Successful completion of placement , page-19

It is the wrong strategy IMO, or at least very high risk - to try to beef up MAD to have the systems and management of a much larger producer. Better to flog off the US assets and find something to do with the cash where MAD can build a competitive advantage in a niche that the market will be willing to pay a reasonable multiple for. IMO This is like building massive foundations for a one story house, and then waiting to see if the council will ever allow you to add another four levels.

I'd not short this however - so close to cash backing, and AUT takeover premium looms large in my mind. I imagine there are some big management termination fees/costs in place might make a takeover unlikely however.

Well anyway - Yeager is very experienced and obviously a bright spark - so maybe my concerns are misguided. I hope so.