beppa, page-44

Hi Timber,

I agree re $500m and journalists.

I also think the valuation should be well above that. I redid the Grant Samuel valuation using current EBITDA's and the ML EBITDA valuations are in line with GS's original discussions and the numbers look good.

Just as an example, I think the sale of say the DBP, Multinet and Tas Gas stakes alone would easily cover the repayment of the corporate debt leaving the surplus plus the WAGN and Westnet Energy stakes as upside although no idea if any value in Westnet Energy. That gives me $200m plus or at least say 25cents a BEPPA

But again always a function of getting a willing buyer so I may just be hopeful but at least we have seen several bidders come through which is the main thing for maximising value.