Good morning to you all. Glorieux stated "I am just pointing out the risk that our BoD is running by letting our SP slide."

I agree with him on the real risk for two reasons:

1. Acquirors of small-cap companies don't make bids based on established metrics (P/E, Book Value, etc.), they make bids based on what the market is currently valuing the target at (share price). This has always been a major risk of small-cap companies that can't translate the biz into an appropriate market cap

2. Before you say "I simply wouldn't accept a less than adequate offer", remember that companies like Noront have significant institutional ownership. Though they share some the same share price aspirations, they are also more likely to become impatient and move on if the company is unable to achieve share price appreciation on its own.

This does not necessarily mean that NOT will get taken out at a cheap price - but Glorieux correctly points out it is a risk worthy of consideration.

Regards,
George