Funny how Malcy's view had evolved. Either he's being paid by someone we don't know about, or he's no longer being paid by SDX.
The arrival of Aleph on the shareholder list at SDX must have been like all the boards Christmases and birthdays come together. The last year has seen the company being touted around by its major shareholder along with others and eventually a low bid came in. This ‘strategic review’ is a new meaning for a bid defence as it tries to smoke out a higher bid from Tenaz.
On an operational note, today’s update is reasonably positive and with some cash in the bank either Tenaz or Aleph and its ‘refreshed strategy’ can see a little light at SDX but realistically if you were building a company you wouldn’t start with this bunch of assets so upside from another bid or the Aleph model must have modest upside.