Ann: FY23 Half Year Results, page-42

Hey Jb,

You wrote;

We're talking hundreds of billions of investment, FMG can't get that funding alone.

In the context of creating or forming these subsidiaries by funding them with their own capital initially and they get over the 50% equity mark, they become majority holders. If they want to expand that business or subsidiary they could for example opt to go down the route of an IPO listing of that subsidiary. An example is HyET Group who may be looking to IPO on a major stock exchange.

Another potential option ...

There's nothing to say that they would need to fund those entire projects themselves. They could potentially fund specific parts of those projects, as they are currently doing (that without FFI wouldn't get off the ground) that are of real interest to them, but have other partners fund the rest.

Thoughts?

Tony