RE:Sale Process & Next Steps Agree with most of your comments, I see this as a perfect "tuck-in" acquisition for an Enbridge or Brookfield.
The split with LCFS clearly has not worked out like they thought. The liquidity just isn't there and there's some days with like 100 shares sold which is pointless for a public company. Looks like management is focused 100% on the HDRD facility - this was a tough year for them with getting the PGR back up and running and dealing with wildfires. You can almost hire the fatigue by management on the conference call.
Long-term investment thesis for me is pretty simple - just sit and hold. Even if they don't get taken out, the Altagas proceeds combined with the free cash flow that will generate from the HDRD facility is enough to justify a pretty easy 40-50% return in the next 12-18 months.