Ann: Change in Substantial Holding for 1AG, page-4

An interesting read indeed. Some time back I posted that I thought once the special dividend was paid on MWY the SP would fall and languish for a long period until they found themselves in a better position. It is quite difficult to assess what to do with them. In the immediate future the company is making a few dollars from the sale of real estate assets while spending some of it on development of what is left to meet their needs in the way of infrastructure. They are transitioning into carbon credits trading and very obviously have the skillset to make that work. That looks like a long term proposition before any meaningful income will come in. Last of all but not the least is the core business of woodchip production - it appears that the woodchip business compliments the carbon credit model so they are best keeping that afloat at whatever cost it takes. Not a trainwreck at all but all of what they have said is going to have to be managed carefully until it integrates and works profitably. The catalysts are there - just on the horizon in my view. The possibility of a takeover cannot be overlooked due to the huge discount to NTA and they are aware of that. Good one Bzz - just another look at where some of our money is parked.