P.S. I also liked the unlevered IRR of 26% (it must be even...

P.S. I also liked the unlevered IRR of 26% (it must be even better with debt finance?). I am sure the payback period you quote is right (18 months of full production), but I assume that metric is a bit misleading if there is a long construction period (a further 18 month to two year construction period to add on?). Anyway it is sod's law your shares will re-rate before FMS does (probably when the tender result is announced?). I'll be watching with great interest of course!