Ann: Clarification to Media Article, page-23

@LDW

I don’t think we will see anything in relation to the HSBC process until after a decision is made by DoE on the iM3NY US$700m loan application. If they are successful with that application, it will be the trigger that allows HSBC to drive the current initial discussions to a conclusion.

Having been involved in similar processes in the past, I would expect that HSBC is having a number of discussions with a range of parties in relation to equity into iM3NY. But as the trigger for that capital being required is the loan, then the real action will be after the DoE decision.

So, your general queries re "Debt/SPAC/Credit Note etc" are very premature. It will all unfold in due course.

FP did say at the AGM last week that a US float of iM3NY is off the table for now. This is entirely market driven – you would not even try to list something in the US at the moment given the market conditions in place since January.

I believe the MNS market cap will stay at these levels until definitive progress is announced. The starting point will be the certification of the batteries (FP stated at the AGM they expected that to happen in the next 2 to 3 weeks). Once that happens, many other things start falling into place and that will create the environment for the share price to move.

GLTA & DYOR