I imagine the key here for HIG is to unlock the extra ownership...

I imagine the key here for HIG is to unlock the extra ownership of Ramu. With current and forecast commodity prices the extra ownership will be a significant influx of funds. How would we achieve this?

Sell Frieda to our partners for $20m, $40? Anyone have a likely price tag? Then do a capital raising for existing or sophisticated investors. Then get bank financing. Lock all this up by the end of the year where the debt is reducing anyway.

Then move to 11.3% ownership of Ramu or sell it / get taken over by the Chinese.

Price of course will re-rate. How could it not?