grant thornton, page-4

Nice work iomtt + sp3

An extract from the COLDRY valuation ann implies ESI already have investors in mind.

"The primary purpose of the valuation is to assist the Directors of the Company in raising
debt and equity funds from "selected" financiers and investors to fund the growth of the
business."


Let’s hope the investors are strategic to the development plans. It would be highly encouraging if VCR were to take an equity position in ESI as it would be a win win for both parties. Having said that, the power stations investing in ESI would be just as complimentary. If either VCR or the power companies providing some/all of the financing would make it even more incestuous. After all it makes sense if they did as they will need to work hand in glove to achieve both ESI ambitions and state and federal gov plan to see brown coal become a major export industry.

Development should accelerate from here on.

Regards
RBA