If it rains we might all get wet. Or is that stating the...

If it rains we might all get wet.

Or is that stating the bleeding obvious, too.

Personally, I would be happy to see dividends foregone for even bigger debt reductions. Last year, they knocked nearly $2.5 Billion off debt, without dividends, that would have been over $3 Billion.

Beardy, it's really not that simple. If FMG are not selling at the 62% fe price, you can't actually use it as the basis of your assumption. But as your not a holder, its really irrelevant how you calculate it, just try doing a bit of mathematical work and get back to us with some real numbers.