Maeb- private move would be very very messy in my opinion and pit shareholders against the take out partners. Almost very angle in that scenario undervalues the company to enable the underpriced take out. Further, in my view, most of those events take place after risk has been removed and before the company makes a significant sale/sales.
I would welcome any bid that values the company for today and tomorrow. See, the tomorrow part of the deal is where things get dicey. The buyer tries to downplay tomorrow while the LONG position has to support that. A deal in the middle is still not in our interest.
What is a fairly valued offer for today and tomorrow? Lets take sales with the tsa idiq has the projected sales number over 2 years. 162/2= 81M/yr say times 5 = 400M / share count diluted to 110M shares ( after removal of debt- the proverbial fly in the ointment) take the possible value in this scenario at: $3.63, again very rounded-roughed numbers. And if sales get to 100M over those same two years while debt is removed and the share count stays under 110M ( its at some 70M now) you can push it to: $4.54 but you've ignored the treasure chest of the intellectual property. I hope you can see why I want more than $5 for my shares and yet I don't feel I'm being unreasonable nor greedy for my "want".
All of this changes easily and for the better with a second or third approved etd product.
I have read Buffalo's position that time and money are both lacking for development and approval for those 2-3-4th products and here is where I disagree...follow on product development will be a snap. Matter of fact, I believe tsa is counting on this and I also believe that big multi-nationals are flapping their wings like mad to prevent that. I see the tsa's development grant and two past/current cradas as making the difference. IMSC now knows the working of the certification process as well as anyone in the sector today. Likely better.
I would walk away from this on Monday if an $4.54 offer dropped into our laps but I don't see that happening until debt is resolved and a follow on goes into tsa cert. which I believe are much closer at hand than either the company has let on nor the tsa expects. For what those are worth and I certainly expect " I'm tired, I want my money" from a growing group of long term investors--THAT is exactly what an undervalued buyer would count on.
Best of The Very Best Luck to all IMSC LONGS!
