Ann: Managing Director Presentation, RRS Conference, page-10

He stated that SMS would provide the final "figure" required to KfW within approx 2 mths. My take was that KfW would respond in a reasonable timeframe from that point. PB was talking about the low market cap of $106 mil being a great entry point and a re-rate this year, so my thinking was that up to 4 months, offers of finance would be the trigger. "Major concerns" refer to the large corporates that TNG have brought to the table to date (perhaps some new quiet observers). The make up of the total finance remains a bit vague of course at this time, but "the hard work has been done" and PB conveyed a belief that the project will be covered and I hope and think to our liking.