Ann: Trading Halt , page-17

As I see it, Management has "flunked it" regardless of the outcome of the $95M financing.

A competent Management would have ensured that it had met "all conditions precedent" (whatever they might be) well before the 31st Jan deadline.

They've expended > $100M on this project to date, apparently with NIL guarantee in place for the finance to complete it!

They came up with "a necessary forward sale contract" at the 11th hour - though didn't reveal how many tonnes for how many years; or what total sales for "x" years amount to. Trust they aren't doing a CHEMEQ, & "fabricating" forward sales to try to secure the funding.

Then they came up with a "loan shark" facility at "one minute to midnight". No explanation of why needed at this time.

If they fail, the SP will be savaged. Management must then be savaged too!

If they succeed, then instead of getting the SP into the $0.70's, rather, the SP will now be only back to where it was (~ 55c) before the financing deadline loomed & got "us" into this mess. Reflecting on it, Management should be savaged anyway.

I'd better go & quoff another tranquilizer.

Col8