BSX Day to Day SP discussion, page-3912

Subject: Ecopro exit

Ok so it looks like we are going nowhere until the Ecopro situation is resolved.....it certainly seems like they are not going away without ruffling a few feathers so they must feel like they have been given a bumsteer by our management. Its pretty obvious to me that we've left them at the alter and rushed off with the much more attractive Vinfast. We probably had no option with the better economics and local relationship card just too important for us. Maybe we could have managed Ecopro's exit better but we'll never know. It could be that we are now being seen by Ecopro as a future competitor given the noise around PCAM production etc.

How will this pan out??

IMHO the most likely scenario will involve a series of off market transfers to either existing or new shareholders(Vinfast??) brokered by an intermediary. I would say that a deal is on the table to Ecopro already but due to market conditions the bids are most likely just below market and Ecopro has rejected them, hence the Mexican standoff tone at present.

The least likely scenario is Ecopro just driving the SP down for the sake of it as this is only cutting off their nose to spite their face. In many ways I would like to see them sell on market and cheapen the SP even further because then we would all get a chance to take advantage of what would be a temporary supply side slump before bouncing again.

We should all keep in mind that their holdings at current market levels are only worth $6-7m so it won't take much demand from a few significant investors to absorb this overhang. Vinfast are the most obvious candidate but they maybe waiting for the eventual corporate structure to be sorted out before making their move. Just a matter of time of course but frustrating nonetheless.

DYOR GLTAH