Ann: Agreement for acquisition of One Rail Australia, page-31

This would have been shopped around to the Superfunds, however given coal, they wouldn’t touch it for their woke ESG agendas. I’d assume without coal, they would have offered a much higher multiple as they value unlisted assets generally much higher than equity markets (almost a ponzi at times).

Hence demerging AZJs coal assets into a separate listed entity might be quite value creative. Ie pension funds would no doubts make a play for the monopoly rail assets company (ex coal). Then apply their wizardary unlisted valuation multiples to get perceived kicker in perpetual performance write ups.