ECA repayments are on J1 not J2. Look reality is that J2 isn't a...

ECA repayments are on J1 not J2.

Look reality is that J2 isn't a big deal. NWT have bought a chunk of capacity on it cheaper than what they were already doing. And given Measat have taken a chunck on J1 - the 'capacity swap' as obviously allowed J1 to go ahead. That is all.

IMO J2 isn't a reason to buy NWT. It's influence on the top line is looking to be increasingly small (given transfer of contract) so it's basically just a slight margin expansion.

The CR will be a major driver of SP from here; after that is out of the way hopefully J1 proceeds as we have been led to believe it will.