If I recall correctly the total WAGN debt was around the $640 mill mark...........so expect ATCO assuming this?
Noticed on a DUET announcement (ASX 7 July) the $80m SOLA repayment debt has been repaid as part of the ATCO/DUET deal, and that net cash out by DUET is $42.5 mill.
I have not seen the corporate debt of ~ $518 mill mentionned anywhere?
The only cash I can see so far is $1 bill - $640m = $360m ex ATCO and $42.5 ex DUET = approx $400 mill
If we allow $250 to $300 mill for TasGas (I don't recall any debt?) then total cash becomes $650 to $700 mill from which we need to deduct corp debt (?), selling costs etc which may leave $50 to $100 mill? ie around 6 to 13 c / BEPPA?
Hope I have missed something as I have always maintained a minimum of 20c to BEPPA holders based on ~ $2 bill sale price and $1.8 bill of debt and costs.
The above is all speculation, but I have not seen anything to excite me so far but I need to see the entire deal which sounds like it will be soon.
PIH Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
