I wouldn't get too excited about a sale & leaseback.  MCE...

I wouldn't get too excited about a sale & leaseback.  MCE doesn't own the land - it is leasehold from government so they can only sell the buildings and improvements.  This restricts the pool of potential buyers.  The facility is quite bespoke so any investor will want top yield - say 11%.  So if they sell it for say $30m, they will increase their annual cash outgoings by $3.3m.  Given the annualized EBITDA is currently -$4m I can't see how selling the facility can be a good idea.  Better idea might be to move Begley and corporate staff out of the extravagant office block into a few dongas at the production facility and rent out the office block. Looks like they have about 20 people in an office block built for 200!