I don’t think selling Adina/Renard is the right move in this market. Maybe Cancet/Tilly/Sirmac-Clappier, but even those are unlikely to achieve any fair value right now. At this point, we’re strapped in for the ride, whether we like it or not. To me, the key was to show confidence in the Renard transaction and execute it on time—demonstrating to potential partners that we’re moving forward regardless of their involvement. Even if that stance was a bluff, it would have at least shifted the urgency onto them rather than us. That ship has sailed for us now though, with the passing of the original execution deadline.
Yes, pushing ahead without a partner carries immense risk, but so does revealing your hand while negotiations are ongoing. The fact that CE extended the option on poor terms and had to raise capital at market lows just to do it is a major red flag for potential partners. It signals desperation—showing that we need them more than they need us, that we can’t move forward without them, and that no one else is stepping up. So why would they feel any urgency to make an offer? Why would they be feeling generous, knowing they have all the power?
At this stage, I think we’re essentially just riding PWM’s coat-tails until we either accept a shitty deal or walk away from Renard. Neither outcome is ideal for obvious reasons. I still hold a sliver of hope that Chris can pull something off for us, but that hope is fading fast.
WR1 Price at posting:
27.0¢ Sentiment: Hold Disclosure: Held
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