DND really should be studied at business school, with the course titled "what not to do". It has been a disaster. The stock has been halted since Monday on a failure-to-file cease trade order. Yesterday it put out an update, saying filing should be next week. It also formally launched a sales process for the company and secured a default waiver from its creditors. The formal sale plan looks like a 'throw in the towel' move by management. We are not sure if the Plantro bid will succeed, as the notes attached to the deal are likely not very attractive to shareholders, considering DND's already precarious financial condition. We would like to see where the stock opens when it starts trading again. But while it may create a (possible) quick flip opportunity, we can't endorse it in any way. Without a sale, we are not sure how the company is going to deal with $1.7 billion in obligations without massively diluting shareholders.
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