Do you have any gut feeling about up to what interest rate it would make sense to take on debt in order to acquire a larger stake in FF2/PF2?
Depends on when you acquire it. Previously they were planning to acquire both in Aug 2016. Now page 29 tells us they plan to acquire PF2 a year from now. Preferably, you would want to do the same with FF2.
Page 18 also shows the acquisition plan but this one was erroneously copied from a previous quarterly report including mentioning FF1 instead of FF2 (make a note, Peter).
The thing is, they need the money now. I think they have slowed down construction of PF2 and FF2 in the past because they were lacking the funds.
But with prawn margins at 70% now, they have some extra money and have given the acquisition of PF2 a higher priority.
If they can get a big loan, they will probably speed up construction of FF2. And then you can acquire that one a year from now as well. Whether it'll be a 50% stake or 75% is immaterial IMO. You want to speed up its acquisition.