The opinion I formed at the time of reading the UK Ann is quite different to others here.
It appeared to me to be an urgent attempt to stem the bleeding of the share price. Some will argue that MF has no interest or nothing to gain by holding the price up. Which I would agree with before the convertible notes were on the table, the prevention of a low conversion price is the incentive here and it's no secret that MF holds minimising dilution at the top of his priorities.
The Ann is very vague in detail which leads me to believe they have some great options on the table but haven't yet secured the key deal that they are chasing. In other words, they only have a plan b at present and are praying for a better offer by April.
That said, I don't see any type of failure here, just a possible longer time frame in achieving the best possible outcome.
MWR Price at posting:
$3.03 Sentiment: None Disclosure: Held
