RE:RE:RE:RBC I would say fair value on the shares is 6.00 +/- .50. 14x operating income would be more than fair.
keep in mind post Kessler, Hudson was buying shares at 5.86 and 5.40... he wasn't doing this with a NAV at 5-5.50. A premium to NAV would be in the 6.50 range.
I agree with you that they were purposely vague. They don't exactly want to say that they are exploring a sale when they, at the same time, have a ton of irons in the fire. Think m&a or flow through partners for inventory financing... that alone is a massively accretive business without the need to spend m&a dollars.
For me, I like the fresh blood and that management has some fight in them. It's a great company and I think at this point we just need to know management will execute as they have done in the past.