Ann: Half Year Accounts, page-91

The nature of the GAS share holding and the CH partner ship are very much different imo .

While both are off balance sheet investments , in one TEG is a minority share holder and a non operator of the business . In the other it is a 50% owner and the effective operator of the business through its majority ownership of CH .

TEG is not likely to see any cash distribution from GAS or likely to need to put any cash into GAS in the foreseeable future nor likely to guarantee any GAS finances .
That is not the case with CH partnership , they are fundamentally different .

There is no doubt that TEG is the effective owner of 78.75% of the CH asset .

gltah