In my view, news of submission to MIC (which we'll definitely...

In my view, news of submission to MIC (which we'll definitely get) is a major de-risking moment and will lead to a significant re-rate. Why? Because getting MIC approval is something of a formality (albeit a crucial one) compared with submitting to MIC (which implies that all paperwork is complete and agreed with line ministries, including the PSA as well as legal approvals from AGO). And because there is no defined time-frame to get through all the negotiations leading up to MIC application, but there is a defined time-frame for MIC approval itself.