I'm simply saying that when all the equity stakes increase from 25% to 50%, for example, that's 100% built in growth rate, not even counting selling more fish. But when 1/2 of the farms are already 75% owned, the growth rate on those, and therefore all will reduce.
This can be offset by other factors, It's really a minor point, and has no bearing on 2012 or 2013, probably not even 2014. But the original post referred to 3+ year eps growth rate projections, which is highly conjectural anyway.