CYM -- WHY THE SUPPLY MATTERS (RESTRICTED)
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 Class: WATCH -- STRICTLY PRIVATE (ACQUISITION)
 From: Corporate Development, via the Monitoring Desk
 To: Managing Director; File -- CLOSED LIST

 To restate the interest, plainly, for the closed list.

 The Partner is, before it is anything else, a supplier to
 defence. The interest in CYM is not commercial curiosity; it
 is supply. There is a field application the Partner intends to
 develop, and no programme of that kind is worth standing up
 without assured supply at volume, for years, without a gap.

 The Western natural supply of any consequence runs through a
 handful of houses. CYM is the largest of them. Own CYM, or
 bind its output, and the programme has its guarantee. Fail to,
 and there is no programme -- only a proposal.

 That is the whole reason for the watch. Not the money. The
 supply. Everything in [ACQUISITION-APPRAISAL.TXT] follows from
 this line and stalls on the same wall: we cannot secure a
 supply whose origin the supplier will not disclose.

 The synthetic road was tried and closed -- the Partner ran a
 Japanese synthetic partner to term-sheet and walked away on
 the economics ([BOARD-DECISION-NO-BID.TXT]). With synthetic
 set aside, natural supply is the only plan, and natural supply
 is CYM.

 See also: [ACQUISITION-APPRAISAL.TXT], [OPERATIONS-PROFILE.TXT],
 [BOARD-DECISION-NO-BID.TXT].