It makes no sense for MIN to delay or obfuscate this deal. Once producing their minimum return on about $150m development cost is $50m. Would they like 100% of the project? Sure but who is going to be dumb enough to sell to them when we have clear line of sight on $50m EBIT ourselves with no more dilution.
The strategy here should be to accumulate so as to at least maintain your holding in any placement or rights issue and sit back and wait for the money to roll in. The dividend 3 years out with be about the current share price so relax and lets go find the next one.
Hexagon Looks Beyond The Swarm, page-54
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