Thank you.
The new CEO, results and investor day are a good start for the company in terms of addressing bored shareholders. The stock reads very well in terms of fundamentals right now and is very cheap. We have always thought it should be privatized. The dividend was doubled earlier this year, and recent results do (finally) give some reason for investors to pay more attention. It is now over $1B market cap, which can generate some more interest. It is far from perfect, but it generates very good cash flow with high free cash flow conversion. It is a highly competitive industry with low margins, and some cyclicality, but LAS has been consistently profitable on an annual basis as far back as our data goes (1992). There are not a lot of public peers in Canada, but it does compete with the usual large multi national consumer companies. We think one could buy it certainly, with a nod to its liquidity and small cap risks. But at current levels, considering its cash flow and balance sheet, we would not see huge risk here. A couple of good news items could see the mulitple move up a few points for a decent gain.