Wabash National

Long WNC@$2.47

Now this is an interesting punt. A manufacturer of "semi-trailers". In this environment.

However, in July Wabash took on a $35m capital infusion from private equity firm, Lincolnshire Management. It is timely for the balance sheet at end June had become distinctly ragged despite what looks to have been some very careful cash management. Top line devastation can only be mitigated for so long.

This deal, which closed in August, tidies up the capital base. And the extraordinary late volume and price movement since its close (rather than since its announcement) speaks to both the fear that the deal would not make fruition and the confidence that Wabash is now well set to weather the economic storm with something in hand. Or at least it is hoped.

Separately, Wabash lost its CFO post-deal. Always worth looking at although in this case the reasons look to have been PR-ed to opacity. Possibly Lincolnshire wanted their own man, maybe the incumbent fought the agreement - but who knows.

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