The plan is to do expand after hitting nameplate on stage 1 - so...

The plan is to do expand after hitting nameplate on stage 1 - so the capital increase will initially only be that which affords easier expansion. Shouldn't be too bad. Though with recent inflation etc there will be a kicker there too. The SPP might get a bit bigger than the planned 10% (I guess depending on the SP at demerger), though I'd really encourage management to contact African Export Bank to get some debt into the mix to cover our end.