3 month target, page-14

Hey steveman07,

I wont comment on the fees payable, but these sort deals will involve debt and equity participation. However there is a definite hint that the chinese are coming.

I would imagine that the preferred partner is close to being finalised (if not already selected) and that their (SDL and selected partner) respective advisers are nutting it out to come up with a financial deal to suit all. DB would be doing the financial modelling to ensure that the Bal Sheet is suitably capitalised to absorb a 3 year build period and provide working capital to operate once up and running.

With the chinese involved, the deal will be quite different to the garden variety CP debt issuances by corporates here in little OZ. The funding may take any form, and probably will take financing from chinese banks.

Forget syndication or clubbing from local or OS banks here, it just wont happen. This is China Inc involved here, dont expect anything other than something that you have never seen before here in Australia.

Looking at the MOL deal recently laid out, the chinese partner wanted 70% equity and 30% debt. Whilts the GBG deal was the other way around (i seem to recall). So it is difficult to assume where things will fall in the SDL deal.

What is happening in Cameroon now is a once in a lifetime sort of industrialisation. Remember the RIO announcement recently, etc etc. Like europe in the industial age in the 1800's.