Yes you are correct.... they added to their existing portfolio of power stations. But they also got 2/3 of AlintaAGL (Gas Retail). They they bought the 1/3 of AlintaAGL from AGL (valuing AlintaAGL at over $2B from memory).
This is my point about NA vs NTA. They also own a retail business, not just physical power station assets.
Like I said, it is like two businesses. One with power stations... i.e physical assets (say $1.50 NTA), and a retail gas business, with NTA of -$2.50 (but NA of $0.50) because there assets are not physical, things like goodwill, customers etc).
This gives a NA of $2, but a NTA of -$1.
It doesn't mean the Gas Retail is going broke..... It is like saying Coles or Woolworths is going broke.
This is fairly basic accounting that most HC posters seem to struggle with.
BBP Price at posting:
15.0¢ Sentiment: LT Buy Disclosure: Held
