I think I agree with you.
I don't have much to add, other than to note that the original Cluff announcement referred to Cluff needing to do / intending to do capital raising. Obviously CEA is a private company so any funds would be raised privately eg from instos or sophs and this wouldn't be public per se, but it's interesting that there's been no rumblings about this.
I wouldn't read too much into that - just something I've thrown on the pile that I haven't seen anyone else mention directly.
Farm In / Finance, page-8
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