dps (interim) 2009-10, page-23

Thanks MM,

Serves me right opening my trap, shares fell straight away lol.

I got in ENV at 49c and know them pretty well but your right in that commmercial confidentialty means companies seldom reveal all the knitty gritty. I havent't run the numbers myself but the analysts have gearing (ND/ND+E) as 72% DUE and 78% ENV (the 66% I mentioned was ND/total assets). I suppose part of the reason I moved into DUE is from taking profits on ENV and HDF which have moved substantially while DUE stayed still ( that old 'relative value' trap again).

Management fees are an abomination given how the greedy buggars set up things in the first place but that has also been well priced in now. Interesting to see that BG Group sold their US electricity business to a private equity group yesterday for US$450M. I know DUE are sellers of Duquene at the right price which would certainly clear up the picture.

Maybe I will buy yours at $1.70 to top up my position and we will both be happy.

cheers