I like this development a lot. Success comes down to its...

I like this development a lot. Success comes down to its credibility in the minds of German investors so the significant government and private German project involvement is invaluable.

Cumulative cash generation over 4 years (leaving 2 for construction and ramp up) is going to be substantial, plus they and our shares will be valued on a P/E basis by then. I've no problem with the 15%pa return and cash conversion option. My prediction is that our German friends will very much want to keep their shares at that time, and will happily pay the measly 10,000 to cancel the conversion. I believe that the conversion is there (essentially exercisable at their option), to attract German buyer interest into the offer as a defacto 15% bond in this low and negative interest rate world. The clauses and timeline all look very well thought out imo.

Because it will take time to play out I rate it a hold, even though I was a buyer today.