Merchant would only be pushing this if they know they can get it...

Merchant would only be pushing this if they know they can get it through. Imo
As someone said previously, they may have quite a large holding by the time of the meeting in mid feb. I would assume that Peterson would be aligned with them, based on Ann. Timing.
18% target holding by merchant was suggested, I,m not sure at all about that but I can't see too much push back even by Joanna to a heavily paired back operation that was given the time to grow without sapping too much more cash. And the existing cash put to work in new growth set ups.
Anyway, a lot to play out.