ipo bad for gip

Appolgies posters however I just had to change the heading.

CPDLC, following on from your post "Using the 70:30 split (because Stellar have the right to increase to 70%) rather than the current 40% attributable to GIP for simplicity."

Sure Heemskirk is presently held GIP 40% SRZ 60% and theoretically will move to 30% and 70% when SRZ has completed a heap of work including a banked FS, secured all debt funding and part funded GIP's share of equity funding. These are very onerous conditions such that the JV massively favours GIP.

However, when the Columbius joint Heemskirk float was considered, GIP and SRZ agreed that each would be granted the same numbers of shares in Columbus - ie the deal changed to GIP 50% SRZ 50% as JT was able to renegotiate the deal to take into account GIPs strong JVA position.

Thus, keep in mind that Adobha could still benefit from a 50:50 Heemskirk spin-off, however if the Adobha deal is done, GIP will see SFA benefit from its present strong JVA position.