aet&d, page-69

$1 Billion is consistent with the bottom end of the Grant Samuel valuation range of 900 to 950 Million, given the regulated asset base has moved from $757 Million to $825 Million across the same period, and presumably includes westnet energy which GS put $41 Million of value on, that is just 1.16 times RAB, when historically these assets traded at 1.5 times RAB, and we would have even in current environment expected 1.3 times given reg reset.

there was $700 Million debt attributed to WAGN, including $80 Million SOLA, so there either $24 Million has been capitalised, or that is transaction costs being absorbed into the number.

There is $42.5 Million + 25% of WAGN coming into WAGN for DBP + Multinet stakes.

That takes us to $408.5 Million (but I think some transaction costs are covered as a part of that).

There is corporate debt of $518 Million. So we are $110 Million + other transaction costs behind before Tas Gas.

Grant samuel put $225 to $235 M on the value of tas gas, Merril Lynch say $342 Million. That is the one missing piece of the puzzle.

Looks like lenders getting their coin for sure, but I am not seeing a great deal to motivate me to vote my units in favour of this.