Whats the signal?, page-24

Hi Hotazel,

Just a follow on point, I don't think the 2% share in the infrastructure is worth getting too excited about.

Suppose the infrastructure is developed to 100mt and profits (after expenses etc) are $10 p/t of material moved.

That equates to $1Bn per year, 2% of which would be attributable to SDL, being $20m. At an undiluted 4Bn shares on issue, that revenue stream might be worth 3-4c per share max IMO.

Did you invest in SDL for it to be trading at 3-4c as a 2% owner of some infrastructure? It'd be a good gain for me considering my buy in price, but not many others I wouldn't have thought.

Cheers!