aet&d, page-37

Hi there Blue.

My view is that the reported $565 mil sale price is insufficient to cover the corporate debt (518m) and other costs - tax (60m), BAM fee (18-21m), stamp duty (?) etc.

I doubt that AET&D's net valuation has deteriorated since the expert report of Oct '09 (48m-148m) so I am inclined to think that the price is after the 518m has been repaid. That suggests that the net value may have jumped by 200-300m, which is difficult to credit.

I am probably missing something. I suspect we will know more by the end of the week.

Good luck.