The long term picture and the potential for the company to be acquired is probably more relevant to the share price at this point.

Given the decision that Mr Flavin was an agent and not principle in the trade, there would appear to be no tax liability associated with the trade.

He has been very much a manufacturer. And I don't think that's a bad thing for Waterford Wedgwood at this juncture.

No company has seriously looked at the SMB market, which has a huge potential.

However, the number of potential acquirers could be limited and would likely involve a European drug company.

We think that investor speculation on a potential take-over of the company could keep shares in the mid-$20s range.