Certainly doesn't seem like this deal adds value for shareholders and I would oppose it based on the information we have at present (just the NR so far).

I expect the SNS board to issue an opinion and recommendation to shareholdrers in due course but their agreement to finance the deal for Andover and accept payment in what appear to be lesser quality shares is worrisome to say the least. I also agree that Fudge's departure weakens the company. Andover seem to be portfolio managers rather than mine operators and I bought SNS for its potential as a future producer so the fundamental nature of the investment changes under Andover management as far as I'm concerned (not to my liking).

As a long term shareholder (long before Fudge came on the scene), I plan to hold on until the dust clears and I understand what motivated this deal.