Thanks for posting. There has been much chatter on HC that Browse will probably not go ahead at JPP. It will be put on the backburner and will be done as FLNG or piped to NWS facility.
It is an interesting analysis wrt the shell stake and the franking credits. Excess franking credits are normally returned to shareholders via an off market share buy-back. If WPL got permission from shareholders and bought back part of the shell stake then there are less shares on the market and the shell overhang is reduced. Whether WPL would be allowed to do it or whether the buyback had to be open to all shareholders is an interesting question.
What it does show is that WPL has significant capacity for capital management without impacting substantially on the cash on the bal sheet.
HT1
WPL Price at posting:
$37.39 Sentiment: Hold Disclosure: Held
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