RE:RE:RE:RE:RE:Share buy-backs
Combined entity (TWM + Renewables) should be ahead something in the order of $50 million csh flow on a go-forward basis by end of Q1 assuming the Renewable Diesel start-up goes reasonably smoothly. RD should replace virtually all the lost cash flow from the Pipestone sale and leave TWM with the $40-50m in interest and lease savings from the sale proceeds (assuming they monetise the ALA shares in Q1). Since TWM owns two thirds and consolidates the Renewables financials it only makes sense to look at combined entity.
The Pipestone sale was a great deal for TWM and shows the value they can build. However it is now time for them to sell the whole business, go private, or find some other strategic option to unlock the value for shareholders including Birch Hill. I doubt the stock market is going to do this for them even if they buy-back 10% or 20% of outstanding shares, which I do not expect to happen ( most NCIB buybacks never get anywhere close to the allowable 10% per year)..