max, CDU don't have any funds from the bank at their disposal. The company is not really any further forward from its 18th October 2013 announcement. Actually, it seems to have gone backwards several steps from "the final approvals and definitive documentation should be completed within the next 14 days" to:
a) getting OW to agree not to terminate the offtake agreement - a totally bizarre requirement based upon previous guarantees apparently given by OW;
b) agreements with the landlords and supplier;
c) signing and delivering finance documents to the lenders (how many lenders are there anyway? I thought there was only Minsheng?), and why wasn't this done before the announcement, as well as opening a bank account?
You could hardly call this a done deal by any means, and it is downright misleading to claim they have the funds at their disposal.
It is a wonder the SP isn't a lot lower, if this was the "milestone announcement" that was awaited (whatever did happen to the DSO?).
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