With the 11.3% of existing deal settled imminently, HIG is...

With the 11.3% of existing deal settled imminently, HIG is then debt-free and a profitable company, so has more options.

I expect that funding of expansion (which may take 3 years from decision to proceed) can readily be achieved by:

- partial forward sale of Cobalt to Cobalt23 (maybe this or a variation to get some $ up front)

- some retained profits over next 2 years

- some debt (debt does not need to be from or related to MCC any more unless advantageous to HIG)

- some equity ( I and others would be up for "heaps" (a technical term) at current sp or close

- some selldown of other assets (a maybe if price right)

No worries IMO.