My opinion, and it is just my opinion, is based on:1) lack of...

My opinion, and it is just my opinion, is based on:

1) lack of any announcement weeks after indicative bids were made;
2) bidders falling out over valuation and leaving consortiums;
3) current values for similar assets offshore;
4) the gearing level in these o/s businesses being well below that currently in AIO;
5) banks limited appetite for highly leveraged businesses at present and
6) the withdrawal of major international banks from the local market

Just because someone put in an indicative bid of $4.40 at top of the cycle doesn't mean that is what it is worth or that it will ever get to that price again.

Someone justify why there is much upside from here.....