RE:ReflectionsGreat analysis and certainly your views jive with Front Four's vision all along. They began this journey in 2018 thinking it was an 18 month project with a 50%-75% rate of return. Obviously it is more like a 5 year project now but the BNE deal seemed rushed and a clear indication they wanted an exit. Every aspect of their strategy is to maintain as much wealth in the company. A dividend is very unlikely because that bleeds wealth out of the company. They can use those funds on 200%+IRR projects and can keep pumping the value. I suspect their deadline is to wrap up this project in 5 years or 2013 where they have traversed a$30USD share price exit which would give them a 200% return over 5 years and they can go into the next project.