pressures, page-22

gdn001, thanks for the clarification. I didn't connect your sp estimate to the convertible bond strike price.

Also, thanks for reminding us of the possible dividend. A dividend would indeed attract a wider base of investors. The ASX 200 listing also helped on that front.

And thanks Ptolemic for noting the possible 50% sell down of PNG. Depending on which 50%, $300mill or more cash received (let alone $550mill) would easily bump up HZN's valuation and likely its sp.

HZN is unusually confident about its selldown. "The process...is proceeding and... is anticipated to conclude in March 2013." I don't usually see this level of confidence in these matters.