An interesting update today and it would appear there may...

An interesting update today and it would appear there may finally be some light at the end of this long tunnel.

This update does blur the outcome. It is not clear if it is:

A - PF deal with Equity; or
B - Equity only finance solution for the SA1 and VIC1 (to start) and then PF to come in later (portfolio basis) once these two projects are through construction.

On either A or B above, DEL will have to give something up, so interested to see what % of Free Carry they would have in the SA1 and VIC1 SPV entities after finance process has been completed. DEL currently have 90% of the VIC1 SPV, not 100% (free carry retained by the landholder), so this is also a residual point to remember.