Ann: DEL Enters Landmark Collaboration Agreement with Brickworks, page-119

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Bestshares999

31 Posts.

12/07/22

07:39

Post #: 62485339
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Originally posted by LongCleanEnergy: ↑

Agree with your comments and thanks for the detailed thoughts.

When I was referring to DEL management vs the DEL Board (and the difference between them) I was really talking about they key differentiation between the two being Steve Gostlow (non-executive Director). Steve is a seasoned listed company executive - ex MD of Tox Free with decades of listed company experience in the waste sector. Steve is on the board of DEL but he is not management. You compare that to the management credentials in the listed space of Hamish and Joe and their experience I would suggest is limited to the 12-15 months of DEL listing. One would have thought that the experience and credentials would have transferred across prior to the listing/IPO?

So when you ask - what's the difference, the above paragraph tries to explain my thinking.

As for the project finance workstream with Planum Partners - I think you'll find one of the major causes of the delays is the waste volumes and price are not contracted (this is also known as merchant risk and the banks really don't the risk profile). Other than some waste to energy projects in WA (which have been banked and are now in construction phase) this has never been done before in the Australian market).

What contracted waste volume is there underpinning the revenues to a particular plant?
What price is the waste (gate fees) price at?
What is the credit risk of the party paying DEL for the waste volume? Is the counterparty investment grade credit?
What term is the waste contract for, how many years?
What happens if there is a collapse in a particular waste stream, can it be substituted easily by another waste feedstock?

Now when there is no contracted waste volume (which I understand to be the case at least now) DEL cannot answer any of these questions when asked by banks and so this flows into a long and drawn out process that probably requires really innovative commercial and financial solutions. Let's see what happens, perhaps DEL will be forced to contract some of the waste in order to keep the banks happy with the risk profile. Hopefully they have this resolved VERY SOON because its holding back the company.

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I am sure either Hamish or Joe said that they can divert the organic waste, if there is need in particular plant.

DEL Price at posting: 14.0¢ Sentiment: Hold Disclosure: Held
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Ann: DEL Enters Landmark Collaboration Agreement with Brickworks, page-119

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Ann: DEL Enters Landmark Collaboration Agreement with Brickworks, page-119

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