aet&d, page-74

Its interesting that both "The Australian" and "Australian Financial Review" have both quoted the sale process at $560 and $565m.
I still hope that this is the figure before any costs.
I think the swops are actually happening at higher prices than is obvious.
The SOLA debt confuses the deal and makes the figures look lower than they actually are.
I can get figures to fit in with $560 equity {after payment of corporate debt} for AETD but cant get them to work if the $560 is before the corp debt is paid.

.............EV....Debt.....Equity
WA Gas.....> 810....464.......346
Tas Gas......342......0.......342
Westnet........0......0.........0
Multinet.....244....167........77
DB p/l.......666....498.......168
............2062...1129.......933
WA Gas at $810 as Sola debt is added on.

The Sola Debt will be reduced from Corp debt so corp debt should be $488 minus $80 = $408
Due from BBP $36m(from GS report)

$933 MINUS $408 MINUS $36 =$489M with cash making up the difference to $560
The loan book will probably have been adjusted to suit the various parties at asset level.

Hope this makes sense but its very frustrating trying to make the deal work

Still dreaming of a favourable outcome.

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