Actually think there is much more upside than downside. But this announcement really does show a disconnect between management and investors.
The suggested 18.5-19.5 buyback is just not compelling at all. Especially if one values the TSI assets highly and its such a hot sector.
Sale price ($25m )+ cash ($2.4m) + midpoint TSI val ($7.2m ) = ~$34m
Would expect minimum 25% premium to entice to sell my shares (~26-30c).
I would also expect other players to lob interest as well especially $TNT. Think its foolish to expect such high takeup of the buyback as outlined in the announcement.
VOR Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
