Very interesting that Australian Super have handed their 7% to...

Very interesting that Australian Super have handed their 7% to BCI, the Terry Stokes backed SOP project in WA.

BCI have just raised $1.2B for a longer life (60 years) but inferior economic project. (IMO).

Likely a strategic stake in HFR given any takeover attempt would need to be fully priced given 4-5 holders control ~ 45% of HFR and also I would imagine BCI asked for the stake for Aussie Super as part of their convertible note.

I think many discount how close this project is to the business end. It's really Private Equity dressed as a public company.