Ann: Sconi Project Offtake Agreement with SK Innovation, page-213

Looks to be some confusion on here around the ‘letter’ required by SKI before the end of the month.

Im reading that as SKI needs to provide some form of minimum pre payment guarantee by the 31st October that satisfies AUZ. I suspect this will mean SKI will essentially have entered the ring by the end of the end of the month. If it falls over between 1st November and end of Jan 2020 presumably SKI still needs to stump up that guarantee.

This is is the part that looks like it’s been inserted to prevent SKI from drawing it out until AUZ’s hand in weakened (I.e. less cash)

This suggests the substance of this extension without security is only 1 month before we become aware of termination or a material commitment by SKI to move forward.

Therefore the ‘letter’ if produced by SKI is a massive jump forward. Not ‘just a letter’

can someone confirm they are reading this the same as me ?