Yes, I understand it 20% of the profits no matter the dilution. If IFE are diluted, then TRF's 36% or 37% of IFE goes down accordingly. But, at the moment, overall TRF still own 49% or roughly half of the project through their holding in IFE and 20% free carry. I am guessing a lot of people have missed this entirely looking at the TRF share price.
