I believe the company was capable and well run when it...

I believe the company was capable and well run when it previously operated in a unique niche segment of the market under a very conservative management.

Management has changed and has made a meaningful acquisition. I would feel more comfortable if new management proved that they can continue to run the company well, that the new acquisition has been bedded down well and is delivering the expected benefits and that they can grow the business organically, before they go on an acquisition spree.

I am more than happy to give up a special dividend or two to build up cash reserves and fund future acquisitions, but I am just not sure that people who invested in SND for stable cashflows necessarily want to see the company change into an acquisition driven growth-business.

As for myself, I would have been happy to see an acquisition or two that counter some of the historic cyclicality suffered by SND, but see it maintain its strong focus on cashflow generation and dividend payments.

Also, if the CR is to the exclusive benefit of institutional investors, I am happy to start looking for value elsewhere...