RE:RE:RE:Merit: “We anticipate to grow to four times the size.” Summer. In large part I agree with your opinions on the current state of Burcon.
The markets are clearly indicating this is a $130 million company based on current information. (~$30m for their stake in Merit, $10m in cash, and $80 -- $100m for the IP).
Kappel has to lead the Feb 14 Investor's Call. Putting a lame duck CEO out front on that call will be a share price disaster.
I'm hopeful for some descent news on / just before the call. My only suspicion that this may be true is that the Call is on a Monday. Bad news is usually released on a Monday.
I'm hopeful for an increase in revenue; an indication of phase two expansion proceeding; and, some news that BU's lab is working on a recipe for fava bean (Bunge's investment in Australia is on fava bean protein).
I don't believe this meeting will announce another JV (possibly in the next quarter), and no name of any large CPG will be said in relation to any increased sales / revenue, as all those big guys do NOT want their competitors to know such things (the old "Commercially Sensitive Information" wall-of-silence). Clarisoy seems deader than dead in BU's hands.
Don't think they will announce a new CEO just yet. That wouldn't have been much time for a proper search and interview / DD process on the candidate(s).
Unless . . . . it's a quasi-insider . . . . say: Ryan Bracken.
He knows Burcon, and Burcon knows him, he successfully builds companies, has great relations with Government (and I suspect with Bunge, too), and has experience selling a large company (the Hemp Co).
He can sell his Merit stake to Bunge (already agreed to), and then negotiate cheap BU options and cash out when he, Kappel, Fang, et al negotiate the buy-out of BU by Bunge.
I don't see Bunge paying more than $4.50cdn per share ($500m market cap) at this stage. I do see Kappel & Co selling at that price. Building BU beyond that value will take years and $100's of millions to fund future expansion and I just don't see Bunge wanting an annoying junior partner in the room with them as they expand this protein segment of their company, or the current BOD at BU wanting to put the work into what it will take to exploit the full potential of the Co., especially with having to work largely under the direction of the corporate behemoth (Bunge).
The above is me speculating just for "fun". We will know more in two weeks!!!