According the recent business plan, REC’s management is putting all eggs in one basket. Stuck between a rock and a hard place, management is planning the divestment of the Butte site and becoming a global polysilicon company serving the photovoltaic market from Mainland China (Yulin JV) and the US (re-opened Moses Lake). Reported figures were below our expectations, especially at the profitability level, as EBITDA moved back into the red qoq.