Ann: Private Share Placement, page-99

You are straying from what we have been told. The report produced by Pitt Street Research for NRZ specifically states,

"– Funding: We assume it is funded 50-50 by debt and equity with a 6% cost of debt. Accordingly, we have accounted for a higher number of shares on issue than is currently the case – we assumed 50% of the $761m in start-up capex required is funded by equity and it raises funds at the current share price of 14c a share."

This is a given, don't mess with it, your restructuring of the report's methodology is your opinion, and is not valid until NRZ says so. You have to be able to put a share value on the equity contribution of about $400 million.

Work back from your final figures if you are able to.