re: big news from crikey: truth hits fan.wow!
'We put this scenario to Pacific Hydro spinner Clare Laffan this morning who replied as follows:
The front ending of the Bakun tariff is well known and the reduction reflects the paying down of debt from the project financing. The original banking model was designed to keep annual cash generation pretty stable throughout the project."
Can somebody point out to me where PHY has ever disclosed the information Clare Laffan describes as being "well known"?
Here on Hotcopper an argument for a good price in any sale has been based upon the price earnings ratio but if that has been front loaded by a factor of 2 then is the value of the shares only 1/2 of $4.40?
So we have:
* No offer - just proposals * New revelations from the Philippines * Collapsing market for wind power
Maybe now we know why they want to sell. This is looking grim for longs.
