Right now (subject to change without notice) I am thinking the strategic review is to value the company for the purposes of acquiring a company and getting an equity investment, using the company's stock.
I think the company is capacity limited for growth, as is. Acquiring another company is a way to grow fast. But, WOW, also needs cash reserves, it would reduce (some or all of) the short term borrowing costs, increasing the profitability of the company, with little cost.
WOW has a market cap of about $30 million (Canadian), about $25 million US. That seems really low for a company with revenue of around $60 million (Canadian). It's hard to know how to value WOW, with out guidance, valuing assets, or, how to value the Frederator Network.
If it's a merger, the other company would need large cash reserves. I don't know if any similar sized companies have large cash reserves.
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