years and years ago I did an exercise - it was posted on HC, so...

years and years ago I did an exercise - it was posted on HC, so still exist somewhere, int he DGR threads , and what you propose (to invest directly in the projects) was in fact the most profitable approach -
I think it was worked out in the end based on "X" investment across the subs weighted individually as per DGRs % ownership.
Picking selectively projects involved its own inherent risk of not being hedged - which DGR provides automatically, and also, there is always the hope that some day out of the blue we will trade closer to NTA, which is an attractive wild card.. with immense gains to be made - so my money remains in DGR, although I am well heeled into ANW at the moment also.. for exactly the reasons outlined above - felt there would be better leverage in this case by bypassing the mothership.