I dont dispute what you are saying.
My view is that it is not an insignificant risk. That is all.
I would be happy if there is no dilution.
Quarterly will help provide clarity particularly around cash in hand.
Bank/Funders/Financiers are cautious by nature. Esp based on the what has happened in the recent past.
I would not be surprised if there 1. mandatory hedging of some % of production (banks make money off this too) and 2. Equity buffer.
Which is why I think if that becomes a sticking point - opens the door to an acquirer.
Ann: Federation Funding and Project Update, page-42
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