Fair as in reprents fair value? Or fair as in fair to the...

Fair as in reprents fair value? Or fair as in fair to the current shareholders of the business by providing a sufficient premium over the fair value of the business?

Given the quality if the business and management have spent a number of years investig heavily for the future i feel as though we were just about to reap the rewards of this investment. 

My initial assessment is that i would rather hold onto my shares however this is somewhat tempered on a relative valuation basis given the market may have presented a number of other opportunities given recent volatility.