My assumption is the MGE investment as it contributes towards...

My assumption is the MGE investment as it contributes towards the equity of Phase 2 they'll aim for a similar valuation for the Nasdaq ipo for consistency.

Already about US30m from MGE for 5.5% of Tetra4 and at a guess another US25m maybe soon from someone for the other 4.5%. So that would be US55m for 10% of Tetra4. Another about US150m from a Nasdaq ipo at a similar valuation shouldn't be too hard I reckon especially as it's the trigger for the US DFC and Standard Bank loans to kick off Phase 2 construction which is the big money US750m-US800m already worked through

I've asked Stef about the ipo but don't get much out of him due to the sensitive nature of the pending ipo.