ok i give up it has issues, page-10

I guess there are a few ways of looking at it

1 - If you buy now (in the $0.40s range), you can expect a 10 - 8% dividend for the foreseeable future. Immediate benefit.

2 - Southdown collapses and the shareprice appreciates (if we assume the market breathes a sigh of release that the company will just hunker down and focus on making money and solid dividends). Short/Medium term benefit, though possible short term pain if things blow up.

3 - Southdown actually goes ahead (given the backing of GRR's major shareholder and all that) and in ten years time we can all buy islands or something.

I don't much care which happens. Any seem fine to me. 1 will happen no matter what (at least for now), so that's nice. 2 or 3 either way will result in capital gains, so great.