Ann: Stanwell Transaction, page-95

Where does it say CRN is selling 4mt for $150m? It doesn't say that.

It says they are selling 4mt over a 5yr period at a couple of different price points. As part of the agreement they receive $75m as a pre-payment and the receive deferrals from April through to December 25 totalling another $75m. This creates an effective loan of $150m which will be repaid from coal deliveries at the pricing structure mentioned herein. The cost of this 'loan' is 13%pa. so very roughly equal to another $40m over the next 2yrs prior to the start of deliveries for repayment (just a very basic dumb calc - it will be more complex then that of course because some of the interest won't start accruing until the Stanwell deferment occurs... and it will continue accruing interest until enough deliveries are made at whatever price until the loan is repaid). The 13% loan is pretty good compared to the oaktree interest - mid teens - or our higher note interest of 18%. So as of 2027 we will owe Stanwell roughly $190m which will be repaid from coal deliveries IAW the pricing structure of the CSA. If the price of coal goes up we will be receiving a higher price (some is at spot and some is at the fixed forward curve IAW the CSA) and in this case will repay our loan well in advance of the end of the agreement and as such will start receiving in excess of our $150m (+interest) loan as payments from Stanwell IAW the pricing structure. What Stanwell gets is their original 2.2mtpa from 2027 and guaranteed additional offtake of 0.8mtpa out to 2032, a discount on at least 0.4mtpa of the extra offtake based on the fixed forward curve, and 13%pa interest on the $150m loan.

Thats my take on the notice. Unless you are seeing a different release to me I don't see where it says that $150m is the final price for the 4mt?