I'd take my chances. NAV of 1.7b. Now that PD ports is gone,and 100% of DBCT is saleable at around 600m equity value, the pro forma balance sheet is assets 8.3b, debt 5.0b and equity position is probably $1b. For the BEPPAs to be worth 20c the remaining assets have to be worth 1.5b less than book value ie 20% less than written down book value and probably well below RAB.
bbi eps limited, page-40
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