Short covering rally soon?, page-27

Converting LGCs to cash is a make or break proposition for Infigen.

The carrying value of its LGC inventory increased from $12.7m in 2015 to $43.3m in 2018. This is made up by increases in both the number of LGCs held (which has nearly doubled in the last 3 years) and in their carrying value per unit. A portion of Infigen's revenue each year hasn't been realised as cash, and for some reason they have now built up an inventory valued at over 10% of the company's market capitalisation.

I have to admit a lack knowledge on how LGCs are bought and sold - but if it were as free a market as the regulator suggests, it seems odd that Infigen hasn't sold these off as quickly as they generated them given their ongoing need for capital.