deeper discussion on medium term strategy, page-73

SP3,

my understanding from what Kos presented at the India Cleantech forum (see ASX ann 10/07/2008, i think around page 11) and what Kos said at the AGM, ESI will:

for a SPV (another company) which will have equity contributed to it by VC (in this case) and ESI will contribute 20% with debt (secured by the instruments he discussed). So, we will have a small debt, which will be paid off once we start producing Coldry on a commercial basis and we should OWN 20% or thereabouts of the plant.

There are numerous scenarios, as seen at the Indian presentation...........which one we get will come down to kos's ability to negotiate.

we will wait and see.