wips sold now $123 million in cash , page-6

Annual report 2012

Construction for WICET Stage 1 has been largely project financed through a consortium of international banks.
Bandanna has fully funded all of its obligations to the port, having provided a bank guarantee for $52 million
under the take or pay agreement, and contributing its pro-rata share (totalling $41 million) of a total preference equity of $275 million – which is funded by all Stage 1 proponents. These are the only user funding components for the project and Bandanna is not required to make any further capital contributions for the budgeted construction costs.


Assets held for sale 41,555,309

In June 2012, the Directors of Bandanna Energy Limited decided to pursue the divestment of the Company’s Wiggins Island Preference Securities (WIPS). (page 89)