spp->price->future, page-8

Weined
IMO your point # two could be slightly misleading, although I am sure not deliberately. Section 9.2 (My fave bit of the whole report) of the independent experts report states that they expect future maintainable earnings of $10m per annum (3.7 cps). That is about 3.7 cps earnings ignoring slightly reduced interest, depending on refi rate etc.

There is refi risk in Feb. It may be a small risk (only the CBA will know probably at this stage), but a binary outcome here!

If anybody wants to read the report it was released 21/9/09, and will be really important reading if you are going to invest in this co!!!

I may or may not invest in this at some stage depending on the SP, and maybe after CBA refi risk is gone.
Do some reading!!!