aet&d, page-52

The debt that is driving the sale is at holdco level. The sale is meant wipe it. I cant see the banks agreeing to a sale that doesnt wipe it - that doesnt reduce the leverage.

BAMs cut of 1% is on EV which is in essence debt plus anything in excess.

Asset base is in the order of $1900m for last FY. Figures bandied about for assets are north of Grant Samuels last analysis. The afr rumored values are very attractive and in line with future cashflow.

The DUET Swap is interesting. It looks like the recent rate case made a big difference in the value of WA Gas Networks.

DBP + Multinet = WA Gas Networks + 42.5m .... The 80m SOLA is perplexing as the wording suggess ATCO is paying it out. But that may be to accommodate sharing cash at asset level.

Something is probably missing from the publicly released rumors....