Ann: BWX response to claim from Waterloo Capital Partners, page-54

If after this strategic review, nothing concrete eventuates, how can Humble & Finlay return to BWX as if nothing had happened? Especially if more previously unknown questionable practices come to the surface from the Waterloo legal proceedings.

If major shareholders express their dissatisfaction to the IBC about the conducts of Humble & Finlay, their positions may become quite untenable.

If in the end, they have to leave BWX because of this, then it would be quite ironic!