Saw this announcement today ... I fully agree ... what a schmozzle. When the acquisition occurred there were absolutely ZERO synergies to MCP's existing business that it made absolutely no sense whatsoever.
When I saw the original deal (I was a shareholder then) it did cross my mind that this was a mate's sweetheart deal where the vendors got a very good deal from a mate at MCP to MCP shareholders' detriment. I do add, however, that this was purely my idle speculation.
Whilst I don't hold, and don't intend to, this is a good thing IMO. I am surprised that the write down loss isn't a lot more .... or has this already occurred? I don't follow MCP closely these days.
Cheers
John
MCP Price at posting:
$1.05 Sentiment: None Disclosure: Not Held
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