It gets down to the fact that none of us know what really is the...

It gets down to the fact that none of us know what really is the reason for Noble being there and what the future intentions are. You are happy. I am cautious and suspicious. You rate it as low cost to TAS shareholders. I rate it as a possible drag on returns to TAS shareholders. You are not concerned of the relationship. I am. You trust the directors 100%. I don't say I distrust them but I do not place 100% trust in any company director, particularly when the board is so small and the company is part of a complicated web. I have seen so many times where one company uses another as a cash cow.

You will not change your opinion. I see no reason to change mine. While the story that TAS is worth much more than EDE SP wise keeps being promoted I feel it necessary to explain why I believe differently. GS is in a position to detail future plans, a budget for management and directors fees, a profit distribution plan for EDE. It is not reasonable to expect this so I will make my assumptions and you make yours. In the meantime I will relative value trade the two.