png mining and petroleum conference, page-74

There are several ways to think this through.
I favour the out of left field thinking.
IMC stake might have cost them 19c but after write downs of an estimated 30% this becomes more like 13c or smack bang in the middle of what many of us think HZN is currently worth.
The poison pill of 300m options gives them tremendous power and influence over the ownership of HZN without having to exercise the options.
Add to that access to cheap, plentiful asian region money and you have a heady cocktail of opportunity.
If I were them I would be looking hard at Repsol myself as a key component of an expanded Asian orientated oil and gas group.
Watch the appropriate spaces.
The out of left field pious accountant.