any comments on announcements, page-65

alpha,

this is the problem:

The convertible note funds will be released from the escrow account upon satisfaction of the conditions precedent to access the HVB project finance facility. This process is now substantially complete.

This is taken from latest quarterly released at 31/10/2008....

It doesn't make sense to me to release two updates (18/12 + 24/12) claiming to have ticked off very important milestones although the conditions have been classified as "substantially complete" almost 3 months before that.

Management should at least have added what else is necessary to get the funds. If you read the different reports upon this issue very accurately you will get the impression that there is a problem with the conditions because the phrase "substantially complete" is missing in the most recent statements.

If I were cynical LYC management was required to provide another opportunity to load up some 10-15m shares for an interested party ... may be another condition of the escrow release *lol*