apologies but not sure where the $100mill/9% is coming from. Personally I think all this can be very confusing mainly due to the way things are presented in the accounts.
I would think of it this way. AET&D(Westnet Infrastructure) is a holding company with investments in DBP, Multinet, WAGN and two other assets the Tasmanian Gas Pipeline and WestNet Energy. These are all equity stakes but for accounting purposes everything except DBP and Multinet are consolidated.
The company has dividend flows from its shareholdings, which look like the $42m (DBP, Multinet and WAGN) plus anything else it may get from Tas Gas Pipeline and WestNet Energy.
These dividends are used to pay the interest on the $518m of debt plus any other costs such as administration and Brookfield's fees
Public info only exists on DBP, Multinet and WAGN thanks to DUET's investments in these. As far as I am aware, the only info I can find on the other two comes from the Grant Samuel valuation.
Not sure what the interest rate is on the $518m corporate facility as don't have the details.
I think there is a lot of value in the businesses and BEPPA holders should do well but at the end of the day it is what someone is willing to pay for them.
PIH Price at posting:
$4.90 Sentiment: None Disclosure: Held
