PSD Funding About To Be Announced, page-54

My personal pespective on the funding package, and I emphasise it's my thoughts only (with no inside information), for PSD.

Initially I had imagined that PSD would become a "joint venture", and there would be at least two, perhaps 3, different components in the funding of the joint ventured PSD.

One of the immediate issues becomes clear - if there is project equity involved with PSD, then would PSD sit "alone" within the joint venture, or would the joint venture extend beyond PSD, and include the entirety of the prawning operations?
From a practical point of view it is hard to see how PSD could remain as a separate entity owned jointly by SFG and another party , with it reliant on the other Seafarms processes and facilities, and manning (certainly manning would be more easily inter-changeable if all facets were intimately linked).
There's no question that PSD's success will occur because of its established linkage to the entire Seafarms operation - it can't sit "outside" the other Seafarms operations and still work efficiently. And certainly any incoming acquirer of PSD equity would not accept being dependent on a non-owned part of the Seafarms operations.

Therefore my view is that Seafarms either divests part of its existing operations, plus part of the PSD development, or retains all existing operations, plus all of PSD equity.

The funding therefore may comprise:

1. Debt - probably a syndicated facility, the amount being subject to usual criteria of loan life ratio and debt repayment servicing requirements;

2. SFG Equity - Shares issued to a party(/ies) at some determined price to assist with the funding of the first stage 1a of PSD.

3? As discussed above, the possibility of divestment of a percentage of the entirety of Seafarms operations, current and proposed (PSD development).

Any thoughts?