Thor2Dacore, Abishai is correct, there will most definitely be...

Thor2Dacore,
Abishai is correct, there will most definitely be dilution. PB alluded to the ratio potentially being an improvement over past planned ratios but that is it. Expect 70:30 and be pleasantly surprised if he can (more like KFW) improve it to something less dilutive. The fact KFW is now onboard may encourage other ECA’s such as Korea to also get on board too. My confidence that this project will go ahead has never been at a higher level after this recent announcement. In saying that however the biggest risk to future shareholder returns now imo is what the SP does over the next 12 months thereby determining the level of actual dilution. I am hopeful that SMS will be onboard for a bigger stake at a reasonable price.