push your chips in the middle of the table, page-39

i can only presume that the reason why we haven't see updated flow rates as yet is because they are really waiting for a significant upgrade to come through, rather than a series of smaller upgrades.

From memory, previous years saw 1 upgrade during the year rather than a number of smaller upgrades. Whether this is the right strategy, who knows? Maybe they have little alternative, given the significant water levels?

However, DC has primed the market for a significant upgrade. So the confidence is obviously there, it is now just a matter of beating the market's bullish expectations on it.

I dare say the institutions participating in the recent raising would have been told that upgrades were coming through this year, given they did raise $100m at a relatively modest discount.