So, they want 20% returns per anum on this right? And they...

So, they want 20% returns per anum on this right? And they bought this at 22m.
Year 1) 22*1.2=26.4
Year 2) 26.4* 1.2= 31.68
Year 3) 31.68*1.2

AND they have sold ALL their other assets at a 20% premium to market value.
Final Value of CX partners share 45.6M (leaving out inflation).

I'm unsure how much people raise in these sorts of cap raises and how much debt TSN can take on. But, 45 M is a lot when they Have less than 2m in the bank! I'm sure the banks will lend some due to the revenue streams from ATM's.Also, who's to say that CX down want to just sell down and reduce their holdings? EG only sell 50%?