Nachu - Tanzania, page-5

you would be partly correct IMO. Im3ny would list not im3 because tvl has a different ownership ratio. im3ny would lose a bit of ownership unless c4v took a part of nachu or simply we take the proceeds of listing, dilution didn't occur, and those proceeds from us listing came to mns as a dividend from im3 and they used to fund nachu while c4vs value goes up (as does our 10% stake). weigh it up, I'm sure management has. debt vs equity and high sovereign risk country makes debt a little more unattractive IMO.