If senior debt is now $2.6bn+ Redfern $230m(dedicated debt)+...

If senior debt is now $2.6bn+ Redfern $230m(dedicated debt)+ 100m working capital facility (drawn to 60?) + 900m shareholders equity(includes loans of over$420m)on paper we're worth around $3.8Bn

lets deduct customers PV 600k @ $750 =$400m=$3.4Bn
minus redfern(half coal paid for20yrs)-400M=$3.0bn
minus cash and securities in hand say -220m=$2.78bn
minus neighbourhood energy say -30m=$2.75bn
oops minus cawse nett cash proceeds -$17.5m
don't know what the gross off debt was

looks to me like the difference is around $132
minus that new turbine asset at PT Hedland for $64m(20m debt)and normal ebitda 288m-$240m int =$48m of that

my guess is we probably generated that much cash in the last 12 mo.(the difference that is of $18m to $58m)plus of course the gross debt on Cawse paid back

Added to equity is the BBI debt bought back at a discount already in the above $900M(includes all announced writedowns netting around +$250m)

therefore all that's left,pipeline included must be worth $2.6Bn ish

If its only worth 1.7Bn we have no equity in the business,if its worth $2.6Bn we have $900m equity.More is even more.

Even my idiots calcs on 2800mw at $900,000(Cawse non operating power station value)per mw up to over $2.5Bn add thepipeline and 11% AT COST GAS TRANSMISSION PLUS 11% of nett revenue(+ 11% OF PROFIT)) is another $100m (worth a lot more than just 11% of the pipeline)-don't forget that double dipping aspect.

So whoever wants to strip that buck 10 plus value outa my pocket and GPG's might have some resistence i think.

Merry Xmas and a Happy New Year TPG,mickey mouse and whoever comes next.Your buying the debt because you know its good now and in the future and i can't blame you all for trying to get a bit more profit quicker.There's a sucker born every minute.You never know until you try.

DYOR or loose ur own money