I too am incredibly frustrated that the Board has provided no communications re: intentions with the USD cash.
My numbers suggest the RE can easily pre-pay an additional US$50m this quarter (beyond the mandatory debt repayments as the assets are sold). This would leave ~US$7m beyond the liq. covenant, working capital, AFSL reserve. If they sell another US$50m of properties next quarter they can pre-pay an additional US$16m of debt. Rinse and repeat the debt could be paid off in March 2026 with enough left over for an 8-9c distribution to shareholders that quarter. Beyond this, all excess cash could go to quarterly shareholder distributions until it's sold off.
Retaining a buy-sentiment because current sp offers a 30% IRR from here.
URF Price at posting:
37.0¢ Sentiment: Buy Disclosure: Held
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