why are we here?, page-13

Agreed TraderMC,

However in my books there is no delay.

Once the board formally makes a decision (assumed to be today), they'd have to sign the paper-work with the finance corporation and then compile the ASX announcement.

Quote from JB to another shareholder, this was emailed to me.

"The Board is reviewing two financing proposals from both a South African investment bank and an international investment bank. Once a decision on which financing proposal to proceed with, an announcement will be made to the market. The Board will be meeting next Monday to finalise. The financing proposals allow the development of Penumbra to proceed as previously disclosed to the market.

The company has appointed all the key contractors for Penumbra. We have also concluded key agreements to both acquire and access the surface rights where key infrastructure will be developed. With access to the land where the decline development will take place concluded late last week, we are now in a position of being able to request that the contractors mobilise to site to commence. Again an announcement will be made to the market once contractors are on site."

** Start of me speculating**

Now this is just me speculating here, but from the sounds of it the contractors are as good as ready to commence the development, so I wouldn't be surprised if the company waits a day or two and in the same announcement inform the market that

1) Finance has been decided
2) Penumbra Development has started (as opposed to them stating Penumbra will start in the next few days)

** end of me speculating **