Q&D VALUATION: 650MW PAGBILAO GAS PLANT, page-3

All of the above assumes that EWC has or has and will find the funding required to complete the Philippine and Australian asset development so as to generate the cashflow. It was noted by another poster here that the amount required is in the order of $70m (not sure if that is $A or $US). Anyway...in the analysis below I have assumed that the company will put its hand out to shareholders for $30m at say 4cps. That will be a further 750m share to be issued and the balance of the funding will be from borrowings. Best if they can do it without going back to shareholders but...we will see.