RE: Q and a21 Jan 2022 08:40
obviously I don't know the answer, only Graham et al. do.
But, I wonder if they actually have any intention of doing it? As you say the ratio is not great.
I see three posibilities, either there is something in this deal that really does justify Sound doing it, or Sound have no actual intention of doing it and the 'offer' serves other purposes, or Graham has lost the plot.
personally I don't believe Graham has lost the plot.