Hi JBL1971I take a somewhat different view - I think the GBP10m...

Hi JBL1971

I take a somewhat different view - I think the GBP10m is low and set low to stop bankers thinking that they can push the envelope and get substantial repayment. this way the buyer can say I have only got 10 on the table to your - how many 100. I dont see that the back-ended portion as being so large unless that is what is the objective especially for consultants so the idea is get all on board and roll-over occurs with some cash being tied in directly from Brookfield I P.

I have every confidence that under reasonably market conditions this gets done and that money flows as well although my view is that we end up with say 80% of that and give away a bit more to get the 80%.

BIP is listed in NYork I am not sure that I like these vehicles because they dont seem to distribute to shareholders.