half the cat is out of the bag me thinks...., page-5

Matt,
Some really good and well researched posts over the last couple of days.

I can also understand those (I would rather call them understandably cynical rather than down-rampers) with considerable concerns based upon all three of
- the general funding market,
- the industries history in getting or not getting funding for Greenfield projects with significant infrastructure costs regardless of the size or quality of the resource and
- SDL's specific performance in meeting deadlines (which I suspect could be characterized as "NOT")

I spoke to Jill last week as I had emailed her a couple of questions on subjects which concerned me, most important of which was: what were the tenderers bringing to the table? What does SDL mean by the words "exclusivity agreement" in its announcement.

My concerns were that under the wording in the announcements SDL could be entering into an endless round of further negotiations with whomever was the exclusive partners "bank" on the basis of the off-take agreements or equity arrangements and with that would come the inevitable and very real, clear and present danger of the tenements going to another funded organisation - and that's only 4 months away!

She was very clear that the tenderers had to come to the table as part of their bids with the funding to undertake the infrastructure and I note she backed away from the word "Bank" a couple of times during that conversation.

The conversation was very clear that they were not coming to the table with proposals to off-take and then go seeking funds - they had to have the funds themselves or be part of a consortium which has the funds. Not some arrangement whereby they can get the funds - but actually have the fund sorted.

In other words they had to be ready to get moving.

But what was clear from the conversation is that the tenders have provided the funding of which she spoke and that was funding for the infrastructure which I take to mean bankable funding.

I did not mention the May Cameroon deadline (sorry forgot - she caught me on the hop doing something else) but it was my clear impression that the funding she was referring to was funding of the type which would deal with that deadline. I remain concerned that SDL haven't left themselves much time with their "exclusive" partner to finalize the funding deal so that it is actually executed before the Cameroon deadline or in a format that the Cameroonians will accept.

I've been here long enough to know that any number of spanners could be thrown in the works but my clear understanding is that they have offers which provide actual funding of the infrastructure.

So that's what I came away from the discussion with, I hope I have reported it faithfully. Jill - If I haven't please feel free to make an announcement!

I won't read any replies for a day or so, so that I don't see and get offended by the "You're dreaming - Idiot - Fool" etc comments that will inevitably flow from those with no more knowledge of the subject than any one of us - I'm just reporting what I took from the conversation - do with it what you will.

Cheers and best of luck to all.
GCA