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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