Ann: FY12 Production and Revenue Report , page-27

In fact, Tannin, for the reasons I've set out, it should be fairly obvious that I'm not a buyer of this stock at any price.

My interest is to see some proper analysis done on the many aspects of this company (and other companies on the ASX as well), which has been sorely missing, in particular to get the investing public to understand, in particular, the major risks underlying the US tax equity structure that represent one of the major sleeper risks to investors here.

Intelligent Investor's valuation of 14c is the first round of people taking a proper look at the valuations underlying this stock and is to be commended.

In particular, I'm interested to see how the company deals with:

- the mounting cashflow flip of US revenues away from the company;
- how the debt is going to be restructured (if at all) and the implications that has for the equity (it is, in my opinion, going to be the next Channel Nine at some stage in the near term, for sure; and
- the virtually inevitable class action law suit that flows from all this, especially the non-existent disclosure of the US PTC flip structure in the original IPO document (you can look at this for yourself - the only mention is in the IPO section 6, which merely says there are class A shares which are institutions, and class B shares which are BBW and its project partners - no mention at all of how the cashflows work and the implications of a cumulative flip of cash away from BBW as is now happening.

We can only watch this show with interest as it unfolds.