Like most people here, I don't trust Lindsay. Am I'm inclined to scruitinise the wording of every future company announcement with a critical bias. That being said, the following sentence in the broker letter does appear to be a cleverly constructed set of weasel words:
"The Company, also secured investment committee approval from South Africa’s IDC for a US$14m (AU$20m)debt financing that will satisfy all of the debt funding needs of the Company to complete construction in relation toits Cabinda Phosphate Project."
I feel if the company had received final financing approval from IDC (as the letter implies and some members of the forum have assumed to be the case), the letter would have said as much in clearer and more emphatic language. And they would also given a date when these funds wouold be available. It did neither of these things. So I'll assume 'investment committee approval' is merely another approval milestone in this extended and torturous process.
MNB Price at posting:
9.2¢ Sentiment: Hold Disclosure: Held
