In fact, Tangier are described as "partners" with ADIA....

In fact, Tangier are described as "partners" with ADIA. Furthermore Tangier receives 5% of IGP, a board seat and initially 3.5%pa on the undrawn balance (or $US7.7m pa). That's a pretty good fee for a loan arranger. In the short term the payment will have to come from funds borrowed from ADIA. A very generous deal. It also means that IGE drops to 47.5% of IGP and no longer has control of IGP. Mind you if GEP has to arrange all funding and build a plant to supply plastics I was curious as to why Mr. Hogan was happy to give control of the operation to IGE in the first place.