Regarding the Cash PositionIt seems to me that if your main cash generating operation (the nickel business jv) generates about $42m in EBITDA but you only distribute 2 X $5m USD to the partners your cash level will of course go down because you have cost at the corporate level.
The most important point is the level of EBITDA generation. The timing of its distribution less so. The cash will be distributed.
Some other things I'm thinking about:
- The focus on bringing out the technology - again I am reminded of the Westaim spin off from years ago.
- For event driven investors a key catalyst that they data mine for is CEO change believing that a new CEO will often breathe new life into an enterprise. That is in front of us still.
- There is some talk that the eventual Biden policy toward Cuba may go much further than the Obama policy. While apparently not a priority that will eventually become so.