I'm familiar with the options but again its a timing issue on...

I'm familiar with the options but again its a timing issue on inflows versus outflows. If you model the CFs then all else equal they'd run short late next quarter or early next depending on how conservative you want to be. The commentary in the FY18 report helped fine tune this for me but they still run out mid-year. This is what most outsiders will see too. I presume most have not idea on how easy it is to get bank/debt solutions in Colombia so will fully risk it until they see it happen or not. If that's risked 100% only option left is a CR. Its priced for a CR but if they can achieve a debt based solution that gives a few mill in managing working cap, then it goes up and a lot if they convert the pipeline at the rate they have historically.