Ann: TSI Fund Capital Structure Review Outcomes , page-28

re: Ann: TSE: TSI Fund Capital Structure Revi... After looking through all the prospectus the big elephant in the room sticks out in the financials net profit after tx keeps dropping on the proforma from 24.2 ( 2009) to 18.7 (10) to 16.4m (2011) and as a consquence eps drops from 5.6c to 4.3c to 3.8c , similarly cash flow forecats drop from 102.8m in 2010 to 83.7m in 2011

this detail when tied to the key risks on some of the near end contracts on power stations and the collinsville refit or redundancy, risk on financing of LYA ( may not be viable) and the lack of price value even in the newly priced Renewable certificates if the legisllation is passed, meaans there is considerably more risk in this offer than the yield attractiveness appear to offer as an offset.

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