Ann: Quarterly Activities and Cashflow Report, page-37

The question wasn't addressed to me, but I'll give my three reasons for thinking SEA is a screaming buy at this time:

1. OIL PRICE. I believe oil has all but priced in a 2020 recession and will re-rate upwards over coming months as the likelihood of this diminishes. Over the past day or so we're already seen the early signs of a reversal in sentiment on the back of macro indicators in US and China. A partial trade settlement, combined with the headwind of a depreciating USD, will see POO climb over coming months

2. CAPITULATION SELLING. The forced selling of the past several weeks has pushed SEA far below what any reasonable person should consider fair value. When POO was priced at these levels just a few months ago our share price was double what it is now. I think SEA will gravitate back to 20+ equiv (at least) once the redom has occurred and dust has settled

3. BENEFITS OF A REDOM. I agree with mgmt to the extent that I do identify some benefits of a Nasdaq listing. Over the long term (all things being equal), I think it will lead to higher valuations. Recently we've seen some institutional investors doubling down. This shows there are savvy commodity analysts who are also believe the decision has merit.

This is my thesis. Take it for what it is, as I'm relatively new to the stock and have a low(-ish) purchase price at 16c