Jemena and CTP Deal, page-22

Hi mate,

I don't know. But the change in management's tune post November 2016 is odd.

Pre-Macquarie approach, messaging from management gave the impression that we were well positioned to be a major supplier into NGP in 2018, with a number of viable funding options being explored.

Now, throwing their support behind Macquarie proposal in my eyes appears to be a concession that we weren't a chance of achieving our gas aspirations, independently.

These two positions don't really sit well with each other unless:

a) Management have dismissed/shelved other previously considered options; or
b) There weren't any other options and they had been praying for a situation like the present to play out to get the company where it needs to be to be a major gas supplier by 2018 and we were otherwise cooked, if there was no one interested.

Personally, I am inclined to think that the first scenario is the case. I think we need answers from management on what they had intended to do absent this Macquarie offer as surely they must have not pegged the fortunes of this business on the occurrence of a singular binary event such as takeover.

Cheers,