Not sure on the sums BICS ?Thought the sums might be $125m +...

Not sure on the sums BICS ?

Thought the sums might be $125m + $240m (25% WAGN) = $365m

versus

$270m (20% DBNGP)+$60m (20% MG ) = $330m

Used figs somewhere near mid range of the Burford Nov 2009 report and not the Independent Experts' lower numbers.

Timber,

I don't have WAGN revenues handy but if I recall correctly they got an 11% price hike allowed earlier in the year from the regulator.

I expect that a fair amount of this will go to the bottom line and would have been evident to a potential purchaser during the "discovery" or "data room" process. This could translate in to a big buck impact and hopefully explains a major part of any increase that may be realised.

Note:

IandW's article above quotes WAGN at >$800m. If we are looking at AETD's 75% then this is $30m to $100m+ above the Burford report number I used above and $100m to $130+m above the Independent Expert's numbers.

Could be more depending on how much > $800m.

Hope that $565m is net of corp debt :), otherwise none of this makes sense.

The Burford report estimated the value of the AET&D assets net of sale related transaction costs to be in the range $263m to $406m.