I too was at the Melb preso - I think I was one row in front of...

I too was at the Melb preso - I think I was one row in front of and a couple of seats to the right of Smokey.

Here are my notes, more or less in chronological order of delivery:
- we'll remain listed here for quite some time - an interesting comment in the context of previous comments about some sort of listing in the US;
- just got first patent in Canada;
- the Key Milestones slide in the preso was the most important according to MB (so check that out if you haven't already);
- 3rd NA opportunity announced in next 6-12 months;
- FERC website worth looking at as it's quite transparent regarding where we're up to with them - you just need the LNG reference no;
- BTAs should follow shortly after Draft EIS (as no one will commit to BTAs without higher level of assurance the project will actually proceed);
- the 3 milestones mentioned on Key Milestones slide are on schedule;
- financial close of Magnolia and BH is running neck and neck - both teams share Houston office and there's a bit of friendly rivalry as to who will achieve it first;
- Magnolia EBITDA should improve as we get closer, which would leave us with a higher % of ownership as Stonepeak want 14% rate of return (pre tax) - apportionment will be finalised at financial close (expected to be mid 2015). This would benefit us in two ways - firstly EBITDA higher than the $380m previously mentioned, plus we'd have a greater portion of it;
- Next announcement re tolling agreements will be the BTAs, so don't expect anything about the remaining 1Mtpa prior;
- bankable EPC on track to be received by Nov 28;
- FL *WILL* be resolved in October. He gave nothing away about which way it will be resolved (ie. walk away or secure gas plan) however to me (and the bloke was sitting beside) logic suggests they will secure gas;
- his share price aspirations are well above where we are today (someone asked about the $10 figure that I thought MB had mentioned during the Alan Kohler interview but MB backed away from naming a figure);
- He mentioned Master Limited Partnerships in the context of Magnolia and that in the US the multiple could be 15x EBITDA - make of that what you will but he didn't go in to much detail as I recall.

I chatted briefly to Andrew Gould afterwards - I hadn't realised we had a Melb based Investor Relations (amongst other roles) person, so that was good to learn!

The Shepparton boys were there in number. Apparently one of them is amongst the top 5 shareholders (not sure if that is pre or post the recent raisings).