That's exactly right, they think and wrongly assume that there will be no excess cash from the sale of the ETD business and the net debt+Zapata acquisition. Read the statements one more time, it is very obvious that they are trying to maximise value for the ETD business by getting on a few tenders which TSA will be the key. If every number was set, there will be no need for that. The cash outflows is fixed and we know how much they are, we don't know how much they will get for the ETD business and how much per share the dividend will be. As simple as that.
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