sparcs, page-20

meerkat, if you meant labyrinthe, one management agreement with BNB (BBIPL) isn't really that complex. And the balance sheet really isn't that bad, cash flow is more of an issue.

dargie, just one point the bonds and corporate debt are no longer $1460 million as they were in the accounts, as the bridging facility was paid off through the PowerCo sale and the rest of the proceeds would be available for that too.

It would be closer to $1000 million than $1500 million, still a sizeable figure to overcome.

However, in my opinion they will be able to prevent dilution through BEPPA, by issuing equivalent preference shares or some form of buy back after asset sales. If not, the situation you've outlined there is quite risky, but in my opinion the full sale of DBCT or PD Ports will eliminate the corporate debt and we're probably going to have to reassess the situation after that.