Hi Matt, yes I agree with you. SDL are not too concerned about...

Hi Matt, yes I agree with you. SDL are not too concerned about China now. Why should they? Who knows, the Chinese may be also pipped at the post in the EPC. That would be interesting.

Noble is key. If SDL is hinting that even a no equity selldown situation could be entertained, then that would be interesting. That would certainly rerate the SP. (re risk weighted as well as increased val). I would guess that Noble could step up the cash in that was the plan.

That leaves China well on the sidelines and if they do have any interest, then they will need to open their pockets. But SDL not chasing them.