Morgan Stanley Overweight, page-11

The WOR board has clearly been marginalised by DAR's tactics.

As time passes I have an increasing concern that DAR Group will get to a point of control without needed to pay a change-of-control premium.

Basically, we are already at the price DAR ostensibly put forward to the board late last year, meaning that the market has now largely already recognised and acknowledged that DAR is serious about acquiring WOR in some way.

I still think that DAR can afford to pay more than $12 for the remainder of the stock that they don't own.

But I'm not sure they are that impatient that they
will do so imminently.

Reward-risk relationship not as asymmetric today as it was after immediately after the interim result.

Accordingly, I've taken the liberty of starting to sell some of my shares (which I usually don't like doing because - having owned the stock for less than 12 months - I won't be able to utilise the 50% capital gains discount).