Tucows (TCX) tender offer with odd-lot provision

Company: Tucows
Ticker: TCX
Market Cap: ~$200mm
Size of Action: <$8mm
Type of Transaction: modified "dutch" tender offer with odd-lot provision
Current Price: $18.19
Exchange Price: $16.50-$18.50
Potential Gain (%): -9% to 2%
Expiration: 5pm 1/7/15
Tender Limit (Shares): 99
Max Investment ($): ~$1,800
Max Gain ($): ~$30
Sec Filing: Link
Summary: Tucows (TCX) is offering to purchase up to $8mm of its shares between $16.50-$18.50.
Odd Lots: ...we will, prior to prorating shares of common stock held by others, accept all shares of common stock tendered by all shareholders who own, beneficially or of record, a number of shares that is less than or equal to 99 (provided that such “odd-lot” shareholders have tendered all of their shares of common stock)...
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