agreed Blackfrost - you've found another follower in me. I have...

agreed Blackfrost - you've found another follower in me. I have been teetering on the edge of buying into this but today convinced me. They have converted the increased Mw's into earnings nicely and outdone what i feared might be an ambitious forecast. I was also impressed that the result included about $2m of writedowns due to bad debts. Most companies would have put these aside as 'one offs' but they just took the hit and still produced a massive result with these deducted.

Nice visibility of earnings and even if their growth slows with the resource industry in the short term they will benefit by entering a period of high cash flow and low capital requirements. That = less risk and/or good dividend paying capacity. they effectively said today they will be paying a minimum of 2cps fully franked with upside depending on capital requirements going forward.

nice balance between managed growth potential and future cash generation. issue might be getting any. maybe some more volume will come on market after people see the results overnight.

cheers