mwac on a simple level the recommended deal implies AVA has...

mwac on a simple level the recommended deal implies AVA has added zero value since the Feb 2016 3c rights issue.

The last 18mths... all the service agreements, all the new clients, all the new revenue, the big new prospective pipeline... worth zero. AVA is worth the same price as 18mths ago.

They failed to effectively manage the exit of BQT shareholders and let 25% of the company sell on market.

They turned down capital and probably significant on-market support from other parties at significantly higher prices than 3c.

Operationally I am sure Fergus is the man. And that what I backed.

But this.... the deal is so bad you really do have to question his and the board's intention to serve the interests of all MSP shareholders. It simply appears as a transfer of value to FFT.

And it's such a disappointment. My 6.8m shares are firmly with Publuchman