The SFA was subject to a number of conditio ns precedent including equity funding - so we understood that there would be equity funding as previous funding was entirely debt.
The "stalling" of the SOP component was not an indication of anything. The SFA was fully underpinned by forecast salt revenues - they did not want anything to do with SOP and, indeed, co will have to seek lender approval under the terms of the SFA if they go ahead with SOP - that is why separate funding of SOP is required.
Ann: A$315 Million Fully Underwritten Equity Raising Launched, page-13
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