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I agree. I had considered NWE a true gem, but this action on the part of the board leaves me wondering. All the plays the company has been making were great but this CR has left me less than inspired. I previously posted my opinion that this wasn't likely to be a bad thing, but it seems to me that this is pretty well the worst of all scenario. Ridiculously discounted price, poor reasoning and not being offered to existing share holders...... not happy Peter