Jefferies snares $US2b SNE project mandate, page-64

Hi Kfann,
Always appreciate your contribution.

"The sale will not be pitched as a full sell-down but as a meaningful share to attract a major. I think the AFR's 'guess' at a 30% is likely to be pretty accurate. This would mean (under a typical JSD) that FAR would sell proportionally ((30%/55%)*15%) = 8.1818% and be left with 6.8182%"

Just looking at the above extract from your post in isolation - ignoring whatever the real proportionality might be at the end, is your approach correct? Should it not be 30% of 15% (FAR passing of 4.5% off their stake)plus 30% of 40% (Cairn passing off 12% of their stake), adding up to 30% of combined 55% stake (16.5% passing off to a purchaser)? Or am I looking from a wrong angle? Of course, not sure how much 4.5% could realise for FAR. Cheers