The negative EV is certainly enticing. It would seem the market is pricing the business' value as approximately -$200,000. If they're able to maintain profitability, a re-rate could be in the offing.
Alternatively, if management decides to make itself less of an activist target again by returning capital to shareholders, it wouldn't necessarily be a horrible outcome either.
At the same time, however, still some risk involved, however, the asymmetry of risk/reward seems palatable.
Ann: Change of Director's Interest Notice, page-9
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