How a power station sold for peanuts became a $730 million asset...

How a power station sold for peanuts became a $730 million asset

In November 2015, the NSW Government offloaded Vales Point Power Station — an old, polluting coal-fired plant on the shores of Lake Macquarie — for $1 million...Sunset Power quietly released its latest financial reports — revaluing the Vales Point Power Plant at a cool $730 million.

The shareholders, who lent Sunset Power the money to buy the old power plant, pocketed nearly $40 million through a share buy-back by the now cashed-up company. The shareholders are companies associated with Trevor St Baker, an energy industry veteran and former engineer with the NSW and Queensland electricity commissions, and Brian Flannery, a BRW rich-lister who owns a suite of mining, energy, and property assets.

http://www.abc.net.au/news/2017-10-...for-peanuts-becomes-730-million-asset/9077582

The wizard of Oz can do magic with this stock, too.