I am relatively new to OTH, but after reading strategic review, I have a problem ... OTH says, "COD and RES are distinct businesses and there is no compelling inter-dependency between them". If that is truly the case, why not cast COD adrift / sell 100% of it. Afterall, OTH say that RES is making FCF of +$9M and COD is delivering -$7m.
For OTH to want to retain a sizeable interest in COD suggests to me that there must be some degree of data sharing/dependency between the two business units.
Has COD merely been set up as RES's cost centre?
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