ship numbers, page-9

DogTheBountyHunter,

Time is the major answer.

In a post after release of the financial results I suggested my first preference was to let NGPL go, mainly based on the strength of the US$ at that stage.

DBCT, like NGPL, income is mainly regulated. NGPL has been expanding in the US and gas storage is at critical demand.

We have seen how long it takes to progress an asset sale. To shop NGPL now and hope for a result to offset the next round of Sparcs etc, will not really happen IMO.

We have a minority stake in NGPL. It may be harder to shop a minority stake and would probably require the agreement of all stake-holders. The other stake-holders would probably also have the first right of refusal, complicating a sale further. Time dictates that DBCT is the best asset to sell at present, as it has the best chance of achieving fair value.

I suspect NGPL may be sold in the future. I also see the potential buyer coming from within the stakeholder group. Remember John Hancock bought out the majority of BNB's share of the American Fund. My research has shown they are owned by Manulife.

Some background research indicates that Manulife is a Canadian Insurance Co (like AMP) which has a large investor base, including Canadian Pension Funds. Looks like both Manulife and John Hancock like infrastructure plays as well, so NGPL (given who the current stake-holders are) has a natural buyer.

Time will tell if this is right, but time dictates that a transaction with DBCT must occur, or else stapled security holders are stuffed IMO.

Cheers