Ann: Ardmore Phosphate Mine Stage 1.5 Expansion Update, page-10

Very transparent update and that interview linked by @Jaliso provides further transparency and context.

@fup clearly it's a moving beast, so some items will be below budget, some above budget, some not in the budget, some unnecessary. Management has shown that they are proactive in managing capital expenditure in the best interests of shareholders. What is even more important is that they are transparent and prepared for scrutiny rather than hiding or concealing. It is very rare attribute these days and they have listened to the shareholders.

Interview with MD confirms what many were suspecting. It was difficult to get debt without history of operations and extra equity. The management attempted its best to design an exotic solution.

They could have raised earlier but I think they were caught off guard by someone screwing them through share price while the debt negotiations were happening. People tend to project their own qualities on to the others. I see management with integrity.