Thank you for your service to investors
Brad
We think it is a risky investment due to it's microcap nature ontop of it being very thinly traded. The repurchasing of shares could simply be a way that BQE is trying to return capital to its shareholders but certainly insiders' percentage ownership increases and if it were to go private this does make it much easier. But note the company has been listed for more than 20 years already so we might not expect this. BQE does hold some characteristics of a company that could go private with a good balance sheet and decently cheap forward P/E at 14x. However, shares are trading at a 10-year high so this may not make the most sense timing-wise to go private. The last few quarters have been solid and while it may be getting interesting the liquidity and size risk are too high for us to consider investing. Cash flow was negative in the most recently reported 12-month period.