Sold balance of my TCL, being a yield play in my LT folio, to replace it with CEU at 80c. Has to be a huge bargain at this level considering situation confirmed in release of 20 June 2008.
Debt 100% hedged till Nov 2010 and 80% hedged till 2014; cash reserves of $300m; intention to continue distribution of 10.5 cents per unit till March 2010.
At 80 cents per share, apart from any recovery in share price, the yield is 13.1% which allows for quite a bit of risk (such as lower than predicted traffic flows). I note most Melbournians on HC seem to think EastLink will be well used so I think the risks seem well worth it.
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Sold balance of my TCL, being a yield play in my LT folio, to...
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Mark Waller, MD
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