I'm not saying HZN will buy the entire OMV stake in Maari. But I...

I'm not saying HZN will buy the entire OMV stake in Maari. But I think we could buy a larger % in any shareholder shakeout. OMV is still a seller in my mind.
Additionally under new ownership, and as you say operator, and with lease extensions then HZN divestment could become a viable option. Maari is a lease extension play.

The large institutions on the register, as you say and others have said before, seem very prudent with cash allocation. This said they are 'substantial' holders and hence can't just exit without negative SP impact unless somebody else comes in, substantially.

This then leads me to think they are either here for the next 4 years reaping distributions whilst the leases run down / run the lease renewal gauntlet, OR make a planned exit via lease extension / M&A.

I would think fresh buybacks over time, on or off market, could support the SP post distributions and also give institutions an opportunity to scale down their investments over time.