Ann: $58m Funding to Completion of Feasibility St, page-46

re: Ann: $58m Funding to Completion of Feasib... asx007, you make put forward a detailed & thoughtful argument and it sounds like you are writing with some experience.

I cannot avoid the thought that CY does not want the adverse publicity (and perhaps defensive action) of a full TO at this point but rather has taken a rather devious route by simply making NTU unattractive to any other finance/offtake partner.

Any further finance must now free carry CY's 16% thru the major expenditure (maybe 95%) and even then only has access to 64% of production, and no info fron NTU to say that CY hasn't cherry picked his 36%, i.e. 50% Dy/20% Y.

With NTU very effectively handicapped in the ability to attract a quality finance/offtake deal NTU simply has no choice but to succumb to the Pied Piper of the RE space.

Will be interesting to see if any other major SH's raise issues with this deal, or if they are all enthralled.