sparcs, page-16

jimbol. I would like you to list the assets you wish to sell and tell me what they are going to pay off. I will kick it off for you (and everyone else) and let's see how far we get.

Money to be raised is:

$1500M both bonds to repay and all corporate debt
$100M backlog of prefs interest by end of 2012
$700M prefs capital

Total $2300M ($1500 by end 2010, rest by 2012).

I am assuming in this scenario that operating cashflow meets all interest payments and ongoing costs and other capex required. However, to keep the troops happy, I will arbitrarily allocate $100M of free cashflow in 2010, 2011, 2012.

1. 100% of DBCT, frees up $1B spare cash. Pays off corporate debt.

$1300M to go.

2. Sells further UK ports assets. I do not know how much this would raise. If someone else knows, please advise.

3. Sells of more of Euroports, down to 25%. Again if someone else knows, what would this raise.


Let's keep working on this and see how far we get?

I must say though that I think the environment for selling European assets at book value will be extremely limited in the next few years.