Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-21

There are a number of problems with Reward.
1 , it doesn't have much money
2. it has minimal real assets to borrow against.
3. it has no prospects of any income for the next 1 to 2 years at least.
4 , its share price is in the toilet , so a raising not exactly attractive.

On my suggestion of a merger with ERL , your argument about Ruane's attachment to the ''process '' has some flaws.
His shareholding percentage is not that different between the 2 entities , so his exposure to said ''process '' isn't affected much by a merger.
There would definitely be a couple of hundred k admin synergies .
ERL has greater prospects for actual income over the next 12 to 18months which might support both .

So , on Reward, where does the money for payroll , interest on the Ruane loan [7%] , development costs of ''process'' , and lakes , come from?
A raising , another Ruane loan ?

Ruane taking it private for peanuts always a possibility, dont know how long it can just sit there impersonating a stromatolite .

So , Linden , what are your views on financing going forward?

cheers