That's a fair point. I had missed that. But consider that TF generally is a form of working capital management that extends payment terms by up to 180 days. NWC in 2019 (excluding the TF) was $17m (13.7+8.7-5.4) compared to $7.9m in 2020 (4.9+7-4). That means $8m has been sucked out of NWC in 2020 - $4.7m paid out the TF, where has the balance of $3.3m gone? I still maintain the company will need working cap once its order pipeline begins to grow. Where will that come from?
Ann: Ceasing to be a substantial holder, page-6
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