her we go up, page-19

The low SP could smoke out a Private Equity bid. I know this is a left field thought but Management may have received a few calls from PE funds for a highly conditional bid with management included in the structure. Hence the deathly silence and no TH.
Lets say they (PE Firm) lob a bid highly conditional on exclusive due diligence access, and managements guidance of $205m and all the usual non binding clauses etc.....at say $1.50 (adjust down if $205m looks a stretch) which would imply a 2.5PER awesome multiple, assume the modest debt (bankers then relaxed) hold for 5 years then return to the market at $15.00/share. Management shares get rolled into new bidco and get on with running the business without all the share market concerns and hassels.
Just a thought DYOR