ZoulouThis in an interesting one and we will know more in future...

Zoulou

This in an interesting one and we will know more in future Top 20 updates.

It would appear that Pallinghurst and Smedvig have a history of investment together, so it would be a surprise if there is any issues at the top of the registry that led to Andrew departing suddenly.

He did come to the board with Pallinghursts position a mere 4% of holdings. That is nothing for them, so it would make sense they were positioning for a major increase, most likely via a loan for share option arrangement. This is similar to other investments they are involved in.

The arrival of Mitsui is the interesting part. It could well be that they are bringing the first major customer to the table, therefore giving them the box seat to finance and take a stake in the project. With TLG's battery tech Director having very strong ties to Japan, this would make sense.

Of course, Pallinghurst may retain their holding, but it may no longer be worth Andrews time to be involved for such a small stake (by their standards).

Just some random thoughts, DYOR.