RE:RE:Re NCIB The cash is certainly the sleep at night factor for Management as they ramp up with CGL and TMX as well as contemplating the Company's potential role in NGTL expansion in 2021.
Having a pristine balance sheet is helpful to Macro in winning these bigger jobs for Tier 1 pipeline companies especially in an environment where there are going concern issues and the potential for JV cash calls. Macro must be positioned to answer those potential cash calls in order to ensure it does not dilute it's pro-rata JV position; also, there is an opportunity (although remote) where Macro is able to claim a bigger share of the JV.
I suspect that as the updated contract values associated with CGL and TMX are revealed (at larger $ values and cost plus for a decent chunk) it will confirm why Management has opted to pursue its current path of fiscal prudence.
To everything there is a season... right now appears to be the season to hang tight with cash!