RE:RE:Updated December 2022 Corporate Presentation On the one hand, because GSP has several other interested parties wishing to initiate additional projects, a reduced K-Clean ownership stake resulting in less dilution today could allow current shareholders to get more leverage to those projects.
On the other hand, K-Clean is potentially a behemoth unto itself, with a doubling of capacity already being planned, and I believe I heard at one point ultimately a quadrupling to 1mm tons per year. There's also been talk of value added products (organic product using canola oil KCl) and other added nutrients (ie NPK.) So shareholders also could also benefit taking some dilution pain to maximizing leverage via an increased stake in K-Clean.
I don't necessarily have a preference between these two. Now, if I knew the particulars of what's being considered, I could model them out and make a decision based on that. But I suppose it's comforting to know that GSP management are currently large shareholders, so they are likely to maximize current shareholder benefit in the process. And it's also comforting to know that GSP shareholders can two ways here (1) Large dilution giving them a large ownership stake in K-Clean, or (2) Small dilution giving them a larger piece of the pie for other projects.