Nice post Major...my hamsters are working the wheel overtime to...

Nice post Major...my hamsters are working the wheel overtime to latch onto your Darryl "second phase play". Care to enlighten?

As to SGP...let's agree that they do not like their current position.

They need to extricate themselves from this position by unlocking the only asset they relly want...the retirement portfolio.

You ask about a price.

I've yet to properly study the financials but I recollect the net book value to be $975m or thereabouts.

I also recollect that at last years AGM, both Ben McDonald and Peter Brown both stated that the aborted $5 LLC offer of June /July of 2008 failed because of its highly conditional covenants....AND...both of them stated that it didn't include a "premium for the retirement development pipeline".

I'll take a stab and say that Mulpha would want between $1bn and $1.1bn in order to agree to let the FKP retirement assets go.

And that's the SGP indigestion "fur-ball".

I'd figure SGP would come to $800m fairly promptly and so the negotiation "argy-bargy" is between $800m and say $1bn.

But....SGP must hate their current position. Talk about a neutered cat on a hot tin roof!

But what are their options? Do you see any?