We have other comments posted today as well. ECN did a strategic review last year. In 2021 it sold a division and paid out a huge dividend. But then it struggled quite a lot and potentially put itself up for sale. It needed capital to grow. Skyline came in and bought 19.9% of the company for $185M (common and convertible preferred shares). This provided need financial flexibility allowing the company to get back on track and grow. In hindsight, of course, ECN shouldn't have paid out such a big dividend in 2021, just prior to interest rates spiking, but what's done is done. With the partnership, ECN and Skyline also formed a joint venture which will tailor a retail finance loan program for Skyline. While we are sure many investors would have preferred a sale of ECN, we think the review's results makes sense. It really would not have been ideal to sell the company after such weakness in its operations and share price. Skyline looks to be committed to grow the company over the longer term. Skyline is a large factory-built housing manufacturer, with 70 years of history. It operates in the US and Western Canada and produces manufactured and modular homes, park models and modular buildings for single family, multi-family and hospitality uses. It has 31 retail locations and also provides construction and transportation to the housing industry.
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