Realistic Overall AssessmentWe would continue to view ECN's management as among the best for small cap companies. They have seen much success before and with ECN up until recently. But we also think many investors were buying for a possible takeover, and if this doesn't happen then they may not stick around long. Also, we have a small cap stock tied to interest rates that has missed numbers. In such a scenario investors get worried. Then, we had the company taken out of the TSX Index, resulting in index selling and less interest. We would be comfortable holding, and think upside could be good under the right scenario. We would be OK chipping away at the buy side if not owned, but new investors need to understand it may drift if there is no strategic transaction. The stock is very cheap, but there is no guarantee something happens. But.. it was 'approached' at levels higher than this, and with or without a deal we think management will turn this around. It just may take time, and the environment for it is not ideal right now. (5iResearch)