Cheap takeover, page-26

I know you mention it a lot, but WP's (internal) valuation is not even close to important and would certainly be taken with a large pinch of salt. Personally I couldnt care less what he thinks it's worth (the device/results analysis is completely separate, where he is king).

An independent review by a leading analyst at a respected broking house, now that is an entirely different thing. Of course a lot of data would eminate from the AVR management, but the appreciation of competitors and the broader medical device market would be far better viewed from their lens than AVR's and target prices would a little more accurate, logical and balanced. I doubt we will get one unless they are involved in the next CR, which also seems unlikely, but you never know.

On a positive note, I was very pleased to see Mutual Trust enter the Top 20 on the last raise. They are a hard sell. Not sure they would be over the moon about how its gone, but they will be sticky and could have more appetite.