Management I suspect the new CEO will try to establish her own legitimacy by taking several shareholder-friendly actions. Let us also remember that two thirds of Sherlex are held by non-management branches of the Reitmans family. That means the controlling shareholder is likely aligned with general shareholder interests. I also support the Donneville Kent plan to create one class, though I believe the premium for voting shares should be higher (maybe 75%) as it would essentially garantee that in future we will have professional management and not family management as was the case until recently, which appears to me to be the reason that Reitmans has twice as many SG&A people as some larger and more diversified American comparables. In relation to tomorrow, I don't expect this to be a good quarter (the FX effect that crushed last quarter's comparables should not as pronounced but the general winter which we entered this summer is likely to weight on results).
$3 per share though is still fantastically cheap especially if they do a conversion