i dreamt about ext last night, page-4

At risk of ruffling the feathers of faithful EXT holders I have to agree, it looks like a great deal for KAH holders and a real ordinary deal for EXT. KAH holders now have a semi-free carry majority stake in any Husab project upside and all they gave up was 9% of the project.

EXT might own the project 100% on paper but in reality not much has really changed except that EXT must finance the whole thing on thier own. I don't see the upside for EXT shareholders as their personal share in the project would have to have gone down with the dilution effect of the huge issue to pay KAH. They have given up a lot to gain a little imo.

I guess that the best thing is that the project may move faster now with control under a single entity, that is the only upside I can see.

Glad to be out of this one for now. Maybe once the dust settles I will have a look again. Better value elsewhere imo, i.e. BLR, WMT.