agm, page-16

Aaronr

They hope the plant will be constructed somewhere in Victoria (I assume Latrobe Valley). From what I gathered, funding the construction isnt really an issue for ESI. Their main impediment at the moment is securing an apropriate site. ESI have given themselves a deadline to secure a site - although did not reveal the date, they hinted sometime before first half of next year. If the deadline passes and ESI does not have a secured site in Victoria, they will build the plant overseas - but again would not say where.

Not familiar with Victoria Capital but Kos stated they were considered very powerful in the black coal market.

They did not state how the IP acquisition will be funded, but I would asume that they will try to keep dilution to a minimum...they were well aware that dilution could kill the share price and would do their best to kep it under control.