RGT (ASX) Malta timelines. What does it all mean?

Originally posted by SmlFry ↑

Originally posted by richardz

April 11 2018 MXC announces - " Maltese government agency has awarded a contract (a letter of intent actually) to MXC with to construct a 4,000m2 state-of-the-art medical cannabis production and cultivation facility

A day later MXC announced - "MXC has also been given approval by Maltese Government for full medical cannabis production and cultivation facility in Malta

April 30 2018 MXC reported optimistically - " Changes in Maltese legislation are expected to continue in the coming months, which will allow for the commencement of planning and building the fully licensed facility. This is expected to unfold in Q2 2018. 2018 is expected to be a transformational year within the MGC Botanic division, noting how significant the opening of a Maltese facility will be for the Company’s ability to grow and produce medical cannabis.

May 21 2018 - "Roby Zomer, Co-founder and Managing Director, MGC Pharmaceuticals commented: “I am pleased to inform you that the production of cannabis for medical use has now become legal and regulated under Maltese legislation and a plot of land within one of the Maltese industrial zones has been designated to us for our project. Once the licence by the Malta Medicines Authority is issued we will be able to commence work on the project in Malta.”...... "The Company is now expecting to have final formal agreements from the Malta Medicine Authority to be signed in the coming weeks.

June 2018 - "Importantly, in May 2018, the Maltese Government legalised the production of cannabis for medicinal use, significantly advancing the Company’s progress towards the receipt and completion of final formal agreements from the Maltese Government Authorities, which is now expected during the next quarter." ....."Design of the facility has already commenced, and construction will begin following receipt of final contracts, which are expected to be completed in the September quarter.

October 26 MXC reported - "During the quarter, MXC made material progress in country towards commencing construction of its EU GMP facility in Malta, since it signed the first binding letter of intent issued by Malta Enterprise in April 2018. Formal contracts with the Maltese Government authorities are expected to be signed in the coming months following recent Maltese agency board approvals, to allow construction to commence on the land granted by Malta Industrial Corporation under a long-term lease agreement".

..............
Question: - Despite earlier assurances it would appear we still dont have a formal contract signed off with Maltese Govt to construct the facility or the licence from the Malta Medicines Authority which are both cited by MXC as pre-requisites for construction commencement.
Why the time blowouts?
What is a reasonable time blowout in such situations & at what point do we become concerned?
3 yrs construction was cited by MXC which would conservatively put the opening of the Malta production facility at Q2 2022. Thoughts?
• October 31 (dated 26)

"During the financial year a Letter of Intent was entered into with the Malta Enterprise for the allocation of industrial space to setup abusiness in Malta for the growing and production of medical cannabis. Contingent on the allocation of a site, the Group are to investcirca €4,300,000 in improvements to site, plant, machinery and equipment, to be implemented within three years from the date ofallocation of the site. As at the date of this report the formal allocation of the site is yet to be confirmed."

Expand

At this rate of progress the Board of Mxc will receive their second strike and will have to reapply for their jobs. This may be a good thing

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Last 32.0¢		Change 0.000(0.00%)		Mkt cap ! $15.48M

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32.0¢	32.0¢	32.0¢	$471	1.471K

Malta timelines. What does it all mean?, page-7

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Malta timelines. What does it all mean?, page-7

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