RE:RE:RE:I'd like to direct this to Shedrills...Ports in emerging markets w/in tax exclusion zones often trade w/ 25 or higher multiples. Look at ports in India & New Zealand. As the market develops then the multiple subsides. The real issue w/ the mltiple is that we only have 1 relevant institutional owner w/ a stake so high it prevents other serious funds from coming in. So the real question I have is how will Frontera leverage their stake long term. Absorbing CGX would be less painful than trying to private place IMO but I could be wrong. Only the management team knows if it has been approached.