Ann: Appointment of Head of Plant Construction & HSE for Muga, page-5

I'm getting a better feeling about this stock now. All the finance and the regulatory consents are in place and ready to access barring 1 significant condition. HFR need to raise $100M before drawing down on the $320M and they are in final negotiations with an off-take partner. When this is done s/p will re-rate. I think deal with off-take partner may include the issue of options whereby off-take partner can buy shares at a future higher price or simple a sale of product at guaranteed price. There will be no equity raise at a discount to current price. If they do issue options and they are exercised it will help in any takeover positioning.

Remember this project is forecast to earn $400mil ebitda in euros per year. What is the current market cap? under $A200 Million. You don't get many investment opportunities like this.