why is hig unloved?, page-27

I like the cashflow potential from Ramu and the 2 projects - but i just want to correct the original post.

We do have a large (although non recourse) loan on the Ramu project ..
the Ramu project is 75% debt financed so the equity value to HIG is not circa 8.5% of the $1.4 bill.. it's more like 8.5% of 25% of $1.4 bill.

and i think with the Frieda project ... it is a long way off .. about 7 years away from a scheduled start and will require HIG to eventually invest around US$500 mill of its own money if it's to retain the 16% interest.