Transtar,I've not yet taken the time to assess KAH and their...

Transtar,

I've not yet taken the time to assess KAH and their management or the influence they exert on the EXT board.

I had presumed that given KAH's principal investment is Husab; then would they not be doing everything in their power to maximise shreholder value, including the SP and NPV of the Husab project.

While it is obvious the NPV of the project would be improved if the capex can be reduced, the sensitivity of the NPV to a JV vs going it alone is something I have not explored.

I am not convinced a JV is the way to go here myself (would prefer a hostile T/O as I think that might maximise SP and allow me to clear the mortgage and keep some in the bottom drawer), I would be happy to hear your more specific views on the KAH influence.

Thanks in advance.