Sorry mate, but $18m is definitely for project shortfall - that is "any possible" project shortfall (its "just in case" money).
Think about it. 18m is enough to run the company for about 8 weeks at present cash burn rate of $35m per qtr.
Whereas $18m cash will do bugger all for M&A. Who are they going to buy that $18m cash will be needed as the deciding factor?
egm announcement, page-8
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