Yes you are correct.... they added to their existing portfolio...

Yes you are correct.... they added to their existing portfolio of power stations. But they also got 2/3 of AlintaAGL (Gas Retail). They they bought the 1/3 of AlintaAGL from AGL (valuing AlintaAGL at over $2B from memory).

This is my point about NA vs NTA. They also own a retail business, not just physical power station assets.

Like I said, it is like two businesses. One with power stations... i.e physical assets (say $1.50 NTA), and a retail gas business, with NTA of -$2.50 (but NA of $0.50) because there assets are not physical, things like goodwill, customers etc).

This gives a NA of $2, but a NTA of -$1.

It doesn't mean the Gas Retail is going broke..... It is like saying Coles or Woolworths is going broke.

This is fairly basic accounting that most HC posters seem to struggle with.