Ann: Appointment of Independent Non-Executive Director, page-99

They don’t exactly say they don’t have to pay until the satellites are built. They start by stating they won’t disclose the details, but can say: 

-The financial terms are very favourable to SAS and are mostly delayed payments.

-One of the “guidelines” for the contact is SAS pay for the satellites as the are getting them. Then clarify with “most” of the payment as they are getting them.

I think it is dangerous to assume (and misleading to post) this means that SAS don’t pay until the first batch is completed by Gomspace.

The details are too vague to know what exactly is happening. We do know from the ‘most’ clarification that some payment (somewhere between 0-49%) is required earlier, probably for materials.

And we know we are “mostly paying as we are getting them” but we don’t know the schedule we are getting them. Gomspace can produce a satellite a week, it is possible that they could therefore deliver one per week and we would need to pay for one per week well before the first batch is completed. It is also possible the “guidelines” have changed since that was recorded in April.