costs costs costs, page-32

Jimjim,

When a company does a project finance loan they mandate the bank to do the hedging and the puts. The bank retains the right to require the company to sell either / both and pay a fee to the bank for doing it as their agent in the event that the company is out of compliance with the loan terms. These terms include undertakings the company has made regarding forward operational performance projections at the time of the financing. Despite Roboshan's claim, I do have some knowledge of these transactions.