I don’t believe SMS will let us get taken over and lose Tivan to...

I don’t believe SMS will let us get taken over and lose Tivan to the indians...Investing their own capital and 8 years of their resources to co-develeop this tech.

Read the exec summ in the SMS annual report report.

Growth from traditional services is flattening, they’re looking to new and innovative technologies (ATC, TNG et al.) to drive continued business growth.

The Indians want Tivan (while equity was raised at company level) I don’t think they’ve got anything to add to Peake. Equity > ongoing license fees for Tivan, maybe a discount on SMS turnkey for a few of their iron ore projects going fwd.