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throwerw

02/14/13 3:05 AM

#3078 RE: venturist #3077

http://www.ypg.com/images/ckeditor/files/Warrant%20Indenture%20%28SEDAR%20Version%29.pdf

"Change of Control" table for the warrants on page 17

We would lose money if this happened two years from now, but $10 will seem more and more ridiculous as time goes on. Shareholders would have to be collectively smoking crack to approve such a deal. Oh wait, that already happened!

In the event of a takeover deal, I would expect some kind of competitive bidding process. In two years we have less than 2x FCF net debt and stabilizing FCF, I wouldn't take anything less than $50.