I think that we are agreeing. I don't anticipate the additional shares to make any difference to the sp. They will be held very tightly like most equity stakes.
I see MT has one of the real recovery plays for 2005. I've traded them in the past but I have held off the the past year until the company had a more certain future. I have decided that the time is right for me to add these to my portfolio.
I don't think that 100M for the 4% stake is unrealistic in the medium term. MT will be worth around £2.5bn.