Ann: Share Purchase Plan, page-4

With the share price now below the offer price, the market is letting MNF know that they are not impressed.

We seem to have a disconnect - Management clearly believe they are doing good stuff, but the market thinks otherwise.

The acquired business appears to have lower margins than MNF, and the Minutes business within MNF has suffered margin loss, so forecasts needed to be higher than those recently projected.

Still a good business, but am waiting so see where the price settles.