ScotiaBank Latest Research OUR TAKE: Positive. CGX announced the sale and leaseback of its head office building for gross proceeds of $57M and the transaction is expected to close in early January. In addition to the SCENE announcement last Friday, CGX will be receiving approx. $117M in cash shortly. This brings CGX liquidity available to approximately $300M. We estimate this will provide sufficient liquidity until the film industry recovers with its monthly cash burn at approximately $20M. We believe CGX management continues to execute well in managing cash flow and its liquidity position during this challenging environment for the film industry. With the vaccines being administered, and as the movie theatres in the major US states reopen (California and New York) after the vaccines, we expect major film studios to release their strong film slate in 2021 to enable a recovery. For CGX to meet its Q2/21 covenant, we think studios will have to release their blockbuster tent-poles exclusively for theatres starting in early Q2. CGX plans to consolidate its office footprint in Toronto, and with remote work, it will require less offic