Ann: Spirit secures $5million investment in Convertible Notes, page-18

Maybe you are right however i do not see any of them as standalone a merger must happen see the updated spreadsheet below, HFY, VN8, ST1 and FSG have all increased by over 10% since the last month when I ran this. Based on the historical multiples they are all still cheap given that last year each and every one of them had some type of cleanout.

For example, if ST1 were to be taken over by ATA or similar on a pure revenue multiple or EBIT multiple it is still cheap. ATA is trading at 1X Revenue or 10X EBITDA because it has scale. They are acquiring CNW at 0.5X rev or 11X EBITDA (based in historical figures) Revenue is lower because CNW revenue is largely from License Enterprise revenue which is a low margin. In any event, all of these still look cheap. I understand each one has its challenges however as a merger these challenges could be overcome.

• Get the best board
• Best Management
• Merge 3 and you save up to $5m in costs
• Increase scale
• Increase shareholder value why wait