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fbg0316

05/20/17 9:17 PM

#20596 RE: huskercatman123 #20595

Not sure exactly what offerings Adage participated in so you may be right. I had combed through all of the offerings and came up with a weighted average price of all of new investors under Dan O'Connor who have recapitalized the company buying in at an $12 price, so that is the cost basis of the $200 million in new money invested in the company since O'Connor took over. Adage came in a bit late and didn't participate in every offering so their timing may have been more favorable with a lower cost basis. My analysis was across all the offerings, not Adage's individual participation.