I should let you finish your post.
From what I read, your argument was my expectation for 2012. That made sense.
But I expected, and still expect 2013 to have discretionary cash. And it would bother me not one bit if HU did half the greenhouse in 2013 when cash is so tight, and 1/2 in 2014 when it wasn't.
Would that not "save" 1/2 the $8M price tag, with 75% or $3M available to the holding company, should it choose. If $15M is the cap ex goal above and beyond all other means, would that alone not reduce 2013 share issuance from 30M shares to 24M?
Yes, FF1 just started production, but 2013 will net quite a bit of cash profit. And PF1 and PF2 will start.
Net, net, don't you think they will make $1.00 +/- per share in 2013? That's $100M. I understand that much of that is basically automatically reinvested, and another portion is reinvested as a matter of good business sense.
I have assumed that new JVs and their subsequent equity accumulation are self-funded or very largely so through their own contracts. No?
Are you saying that 2013 profits of $100M have no discretionary cash -- which I suppose may be possible if large enough exponential growth is already committed?
In any case, I assume you agree that FN may help a higher price, and it would be prudent (and honest) to issues at a higher price; also, a bond deal is preferable, yes?
