scheme voting, page-8

Jake,

Regarding Water Island going with Arrow if no other bids arrive, as they wouldn't want to be left holding.

If for some reason the arrow offer were not to proceed ie didn't want to pay the valuation dollar or didn't want to top/match a counter bid or was voted down. Any of the 3, the writting is on the wall for Bow....now that it's on the market, IT WILL BE SOLD.

So if they were to vote no and the deal didn't proceed, I can't see it being any skin off their nose as it will be sold to some other needy party for a lot more than $1.52

Water Island's punt is that any of these actions won't take place but their track record shows they have backed the right horse before and come out winners.

I'm going to email them and see who they think will win the cup!

My opinions only