reducing shareholder dilution, page-9

Coppertop

I agree that we disagree :)

However, think of the upside financially for getting Stage 2 going earlier. There will be cash flow and less debt. Also, we don't really know at this stage but it wouldn't surprise me if Blackrock said "we want a bigger slice and we want it all moving faster". $12 million is a very small deal for a fund the size of BR. Perhaps the $12 million was dependant on a few other items?