PIH 0.00% $4.90 prime infrastructure group.

aet&d, page-102

  1. 462 Posts.
    Billbu,

    Thanks for the analysis but have some questions..

    Re sale prices

    Are the prices you used published anywhere?

    $741 mill for WAGN seems low considering the recent regulated tariff increase and also the better economy versus the IE $670 to $700 mill in 2009.

    Alternatively the $160 to $185 mill for BDNGP and $20 mill to $30 mill for Multinet in the IE report are well below your figs?

    Agree cost breakdown hard to do but $223 mill costs is ~11% and seems very high?

    1 Page 7 of the meeting note states buyers are responsible for all stamp duties (save $60 mill)

    2 Why would we be paying another seller commission - is this not what BAM were doing? (save $30 mill)

    3 Misc costs of $53 mill? say $20 mill but I have no idea (save $33 mill)

    4 Not sure what tax is payable? (so $60 mill?)

    So if add back itens 1 to 3 above means extra $123 mill to BEPPAs. So plus the $20 mill you allowed = $143 mill or ~ 18c/BEPPA

    plus any extra value from WAGN
    plus any variation to the $60 mill tax
    less any BDNGP and Multinet adjustments

    Other questions I have are:

    What happenned to WestNet....valued at $40 mill in the IE 2009 report?

    Also has the $37 mill than BB Power owed to Tas Gas been included anywhere?

    We are all sufferring from a lack of information. Very poor from Brookfield but not unexpected.




 
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