Ann: Silex AGM Presentation - 2017, page-5

Part of today's presentation

GLE Restructure

• A restructure of GLE was precipitated when GEH disclosed on 18 April 2016 that it was looking to exit due to changes in business priorities and continuing difficult market conditions
• Silex and GEH signed a term sheet on 29 April 2016 giving Silex an exclusive and assignable option to purchase GEH’s 76% stake at a heavily discounted valuation
• Cameco holds a 24% position in GLE and is supporting the GLE restructure
• Silex led the search for new investors during 2016 and 2017 - discussions and due diligence activities with potential investors continue – however no commitments made to date
• Under an amended term sheet signed in August 2017, Silex is pursuing the acquisition of the 76% GEH interest in GLE - aiming to execute a full agreement by end of CY2017
• Contingent on various conditions to closing, including approval of the transaction by the US Government, Silex intends to have a majority position in GLE by the end of CY2018

End of CY2018 is around the same time as the Wilmington pilot is supposed to start
Are these prospective partners in GLE trying to stare down Silex on an offer price for any shares in GLE? I reckon they might be?
I reckon they want to be part of it, but maybe they aren't prepared to pay the asking price, just yet anyway.

I get the feeling that both GEH and Silex weren't prepared to take a low ball offer for their technology by some of the possible partners, I believe this may be why GEH will allow Silex to take their share in exchange for equity in Silex, I reckon both GEH and Silex know that they will get far more for their technology and their holding in GLE when the Pilot at Wilmington proves that this concept works beyond doubt?

As for funding of the Pilot plant, I reckon that may be by way of a US Government Loan Guarantee?