Matt Barnard: I think that’s right, Mark.
Eric Salzman: We can go to the second question, which was related to previously mentioned considering a year-end dividend being roughly half of the year in cash balance. So just to address how we are thinking about sizing the dividend and coming up with what we determined is excess cash. So the Board will estimate the year-end or make the decision, basically, we’ll take our September 30 cash less what we’ll spend the net outflows this quarter. From that, we would deduct the stock split and transaction costs of $1.2 million, which is on Page 10 of the proxy. From the remaining number, we would set aside estimated costs to operate as a non-reporting company, cost to support the portfolio, cover liabilities, contingencies and an ultimate wind down.
We indicated that’s roughly a 2-year process. It could be longer. And the net of this number would represent the excess cash that the Board would consider returning as a dividend. Last quarter, that was our preliminary estimate what we said, and we are currently half of year-end cash or up to half of the year-end cash. And we are currently working with the Board to arrive at the number that balances returning as much cash as possible without putting the remaining portfolio of operations at risk. So we are doing that analysis now, and we continue to be working with the Board. But the goal is to find that balance where we are returning much cash as possible. We do not want to [indiscernible] to keep excess cash necessarily. But on the other hand, we want to make sure that they’re sufficient to cover both the significantly reduced cost of operating as well as any other contingencies.
Mark Herndon: Yes. And Eric, I’m going to skip to the next question. I’ll let you handle the first half of it, but there’s a couple of questions in here that would talk about, I’ll call it, the mechanics of how things will operate in 2024. And so let me broadly cover those for a minute. The company, Safeguard, we will continue to have Board seats on our remaining portfolio of companies, right, where we have them now. So nothing changes there. What is being worked out right now is exactly would fit as our representative on those Boards, right? And we are — that could be the external service provider. It could be someone else. But we are working through that now. And I will tell you the — in terms of — one of the aspects related to this is just cost.
I mean, obviously, as we’ve talked about, one of the reasons for this transaction is to reduce costs. So while we haven’t put out a formal number for 2024, we’ve talked about reducing the cost by the number of case by $1.5 million, right? So if you compare that to your the 3.2-ish where we are at this year, then that’s going to be in that ballpark would be an early estimate of expenses for 2024. That said, there’s a variety of things that remain to be in play, including that a service provider while multiple firms have been considered and we are in discussions with them we have not settled on a firm or therefore, a firm price there. So there is a number of estimates involved, we continue to figure out how exactly how much the cost will be in 2024, but we expect that will be substantially less when we don’t have the full time management team here working with the company.
Eric?
