I think this is spot on. The only thing I would add is the sale of Mt Drom is effectively useless to them for 24 months (shares escrowed). They won't be getting any additional cash for that any time soon.
100m grant, 100m tax credits, 60m in cash, a lot of which they will need for working capital -- so let's say 30m of that towards the buildout. That leaves them about 120m short. Might be a mixture of prepayment and strategic investment to make up the shortfall. I don't like their chances of getting a loan for this facility (will get one for Greenfield). With most of Riverside allocated, I am curious how they plan on financing the shortfall. They aren't likely to get strategic investment for the small allocation remaining, so does the focus become prepayment?
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I think this is spot on. The only thing I would add is the sale...
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