Hi Marty, Here's what my thoughts are, and a response to your...

Hi Marty,

Here's what my thoughts are, and a response to your questions on my previous post, on the informal catch up that we had after the formalities of the AGM:

i) I didn't get a sense that a price/valuation was struck when CX acquired their interest, more that they have their investment mandate and may need to have cash at some point to meet their unit holder redemptions when they occur. The comments of Gary were more aligned to if they were after $100M for their 75% that they wouldn't be interested because of valuation / and dilution for the amount of equity/debt that would need to be raised to fund the deal.

(ii) No indication was given on a debt/equity split?

(iii) Gary was making the observation about Tata not from an acquisition perspective, but rather from the point of value and experience that they have set up over the last 10 years (the words "Trail Blazers" was used) and that big corporates can throw money at deploying the ATM's, but you have to have The smarts of the back end to make it work effectively, which TSN thankfully has. Great work Gary.

(iv) I think that Gary feels that when they have met their growth objectives and do not require consistent reinvestment of cash flow into their business that they could be in a position to pay a dividend in 2-3yrs.

I'm not sure whether I've got another 10 points to add, but I do feel comfortable holding with my impressions of Gary and the commercial deals that are being put in place. My biggest realization with UPI is that the ATM's will represent remittance distribution possibilities of cash to those in villages, and that SREI is going to be an important component of this as a large Indian infrastructure fund.

Hope this provides some clarity to the points that you raised. CB do you have anything else to add?

MarkQ