Patgra,You really dont seem to understand the basics of...

Patgra,

You really dont seem to understand the basics of finance.

The debt which they are refinancing comprises the commercial bills, overdraft and secured loan facilities.
From the balance sheet as at 31 Dec they totalled $145,501,267.

Your suggestion that they need to refinance $150 - $180 is misleading and incorrect.

You asked "Do they have 30 million lying around."
If you read and understood the announcement you would see that the payments expected are $12.5m in FY08, $12.5m in FY09 and $5m in FY10. They done need 30m cash.

You asked "Havent CEG got enough debt". The answer is yes. If you read and understood the half year report you would notice the statement: "Debt to be reduced significantly in the June half resulting from planned substantial property sales".

Negotiations over the sale announced today have been underway for several months. Thus CEG will be reducing debt even when allowing for the purchase.

To me this shows they are very confident in acheiving the property sales they are aiming for. They are definately not going to be doing any fire sales. It also shows that they are looking towards long term growth opportunities even with the current balance sheet situation.

Given that they are not in survival mode, it makes sense to look at the fundamental valuation again. Currently they are on a PE of less than 3, have a dividend yield of 20% fully franked and are trading at less than 60% of nett assets (as shown in the balance sheet).
This will easily trade at 2-3 times the current price once doubts about their survival are removed.