Shareholders, page-85

On the one hand if CX believe they have been lowballed then why not release TSI information to prove their point. Perhaps, the ask price is not worth it? $47m from memory? Which would value TSI at approx $63m. Then on the other hand, why doesn't TSN publicly declare what it believes fair price is. Surely it is no less than $39m which is implied value from our balance sheet. Is the difference in valuation as much as $24m? What does TSN know that can lead to a mismatch as high as that? Everything reported about demonetization impact and recovery does not support such a gap. So what is it?

Is there undisclosed information? Or is it just a change of strategy coming from Cadmon? And is the lack of disclosure on TSI performance details just to facilitate a good exit and a harmoniuous relationship with TSI execs (for cyber-security or any other blue-sky BS).

It feels like the numbers at TSI don't support an acceptable debt financed bid, and CX can't wave the details around as it will confirm the fact and may jeapordise a trade sale or public float. TSI executives frustrated that TSN/Cadmon can't see the potential value beyond the raw numbers...hence the outburst. Or frustrated that Cadmon have convinced TSN to focus elsewhere? Perhaps Cadmon can see greater value for shareholders elsewhere. Or perhaps there are other motivators at play (some of which would be inappropriate to further speculate on or expand on in this forum).

I wonder if Paul's departure was related to this transformation-in-waiting of the company strategy?

Hmmmm. Still more questions than answers.