Thanks @87 Crash. Very helpful and much appreciated.... is...

Thanks @87 Crash. Very helpful and much appreciated.

... is anyone able to post the UBS report as well?

Interesting that Macquarie value Blackwater at A$4.9 - $8.4bn. Making a 20% sell-down worth ... ?
I'm also glad to see that Macquarie have no new insights than what we've already known here for a while. They're only just waking up to it now!

I'm very much of the view that 'a slice of the pie' costs much more than than it's fraction of the cake.
Buyers may argue they don't get control. Sellers will point out they also didn't have to do the hard work to get control in the first place, were probably restricted from doing so anyway, and don't have the work involved in managing the whole asset (irrespective of paying a fee for it to be managed for them, they don't take on the corporate risks).

I also think that depending on the buyer, BOD will be alive negotiate win win outcomes ... such as supply certainty (eg first right of refusal to buy at prevailing prices) etc, which may add further accretive value to the sell down.

Looking forward to the quarterly results and any guidance given.