Ann: Trading Halt, page-53

Intel, I am largely aligned with your logic.

With Stonepeak, we are giving away an economic interest to solve an IRR they need. That economic interest is gone and we get no uplift value from tighter capitalisation of that income stream in the future nor any reversionary interest.

But in any event, i still think it is necessary for the first project, but the % interest may reduce 30% or smaller given potentially higher EBITDA and early works equity funded.

Perhaps it can be re-cut to more of a mezzanine piece with a coupon.