I'm not happy with the cheap ICL entry either, but the company is trying to finance literally at the bottom of the potash market. If the debt financing comes through with massive additional dilution, I will exit AAA and take a loss.

Having said that and not to toot Farhad's horn, but he's delivered everything he said he would. Timelines have slipped a bit, but nothing dramatic and completely within reason for a decade long project.

He has stated a few times he's concerned about dilution. That might be lip service, I don't know. But LMM is long here and has committed a lot of money. They have shareholder rights and they have clout.

Of course, when you're deploying the size of capital LMM is, their idea of a good return may differ from you and I. If i walk out of this with less than a 400% to 500% return over 5 years, I'll consider it a bad investment. I'd imagine if LMM can get a 200% return over the 8-9 years they're in here, it will be a job well done considering how low bond yields have been since the GFC.