Ann: FY18 Interim Results and Early Refinancing Announcement, page-2

Mr Market will love this. Watch the SP boom!

Higher profits; underlying EBIDTA $88m, the large depreciation charge available for and directed to loan repayment.

Liberation from the restrictive borrowing facility. Hooray! Even if the interest cost is unchanged, the operational flexibility benefits are very substantial, making fresh investment highly attractive. I see this as the first of two stages, initially to end the covenants and later on the next refinancing to drop the i rate. This will work.

Cherry Tree investment ready - probably awaits a Clean Energy Finance Corp concessional loan. The Andrews government will be very keen for a FID before the Vic November state election.

Dark allusions on batteries for frequency and output stabilisation. Major benefits beckon.

Ripper!

Ash