Capital Raising, page-42

Current climate has put all greenfield projects in a perilous position, most will not even start. Those that succeed will be the ones that can outlast the LNG supply glut (end 2022). Including this year that means 3 more years of liquidity minimum to see us through to better times.

I believe agreements were almost signed, through IDG, with Chinese customers just prior to trade war. Despite all the recent events in China, these customers are possibly still waiting - IDG remains a large shareholder. Vietnam agreement may still be signed sometime this month.

I've said before that after the AGM I was left with the impression that being able to find a suitable liquidity option was not a major concern - Micha's comments are still consistent with that and like MW I see them as positive. It may appear that this has all been left to the last minute but management quite possibly have deals already on the table and are weighing up which one/s to exercise (with the help of the advisors). If this is the case then I'd expect an announcement by end Feb, which may also coincide with Vietnam announcement.

This is all imo of course but the share price doesn't necessarily reflect what is happening behind the scenes.

As an aside, GV has been criticised in the past for being too optimistic and setting unrealistic/unrealised targets. The recent QR was limited to statements of fact - 'no use going for NASDAQ, liquidity is key for survival and we'll let you know when we have that sorted' - simple, straightforward and to the point. Exactly what we have been asking for, albeit detrimental to the SP.

Don't get me wrong, I'm super anxious here too, but I haven't lost all hope, nor am I selling.