Ann: Altech - Mezzanine Debt Technical Review Completed, page-34

Every time SMS 'invests' they write invoices to match - the cash that goes in flow out to SMS again, and the turn key price goes up as well. 

Sell based on the fact management has a lot to proof since they multiplied capex all of a sudden, and now they are wavering on turn key price as well, already suggesting to cost escalations even before they begin building. 

I doubt the equity part of the project without extreme dilution. Which they have been doing for the last years - they are just trying to hack it up in smaller parcels - why would you do that if you have solid intrest externally to fund the project?
They would need a joint venture partner who has access to finance, but that will come at a severe costs as well. Mezzanine debt? They will require a very high interest rate and a huge equity kicker as well.

SMS always gets paid. No need to worry about that.

I assume once funding has finally be agreed there will be plenty of time to invest, and at the same or more attractive pricepoint, but with less risk. Right now management keeps pushing things forward, and keep on relying on salami funding.