re: Ann: Request to Remove Redbank Energy Fro... OK, So I...

re: Ann: Request to Remove Redbank Energy Fro... OK, So I decided to go and read stuff....

1. Project Finance debt for Redbank = $234.6m as at 30/11/10

* Tranche 1 = $47.4m for full repayment by 2018
* Tranche 2 = $181.6m for full repayment by 2023

2. Working Capital Facility drawn to $2.5 million
3. Liquidity facility $6.75m, which is undrawn; and
4. Accrued interest of $3.1 million.

5. WC and Liquidity facilities have been denied renewal.

6. No-one (at the time in Feb) bid more that the debt ($234.6m)

7. Independent Expert has estimated the full underlying value of the equity in Redbank Power Station at $24.4 to $35.4 million (lots of assumptions including going concern - which is kinda hard without liquidity!!)

* Directors are winding it up for sale (to potential bidders) to pay back the 2 x tranches.

* Shareholders get the excess (if there is any)

* If they can somehow get the facilities and WC providers to renew, they could get more from the bidders as it will be a more attractive going concern - that's what I would be hoping for.

* Independent expert's DCF to D + E holders must have churned out around $260m - $270m, assuming someone would fund operations...

* I don't reckon it gets much more speculative than this...