The SP has historically been seasonal because of the timing of...

The SP has historically been seasonal because of the timing of cashflows into the business.

And for my 2c worth, Canaccord's understanding of the business is poor. As someone who has observed TFC at very close range for a number of years and physically inspected their plantations and processing facilities numerous times, I can tell you that broking report does not impress me in the slightest. This has always been a long, long term story in the making. Plenty of risks and flaws, but steadily heading in the right direction.