ellis martin report - 24 march, page-2

Listened to it again and really liked it.

Especially the part about gov agencies from Japan, South Korea AND Europe all ready to chip in.

Which means financing of the DZP should look like this:
- 250 mio strategic partners
- 250 mio gov agencies (loans, at 2% accoring to a recent report)

With 900 mio $ capex (including contingencies) that leaves 400 mio to be financed via
- commercial debt, say 150 mio
- Tomingley cashflow, hopefully 50 mio in 2013+2014 combined
- not mentioned in the interview: potential sell off of the Orange JV share, 100-150 mio
- for contingenices: capital raise.

ImO, if we get 400-500 mio from our strategic partners and gov agencies, the remainder of the financing should really be easy.
Also, on the news of those first steps, we'll shoot up pretty fast. In the worst case, we could then raise another 300 mio for 100 mio shares. That would get the share count to 460 mio shares - a number I could live with, given future cash flow above 300 mio / year.

Now all we need is those permits and a REE MoU ...

P.S. Just a thought: If China has a hard landing, there is a silver lining to it: it will mean lots of inputs for the DZP and Tomingley construction will get a lot cheaper, reducing capex a lot ...