Seb, I think you are correct on both counts re: stage 2.
The CEO has said they will attempt to renegotiate the finance terms for stage 1, as 15% is too high. So before they do anything with stage 2, they will want to complete this. And perhaps during these discussions they may be able to negotiate a much better rate if the finance package included both stage 1 and (potentially) stage 2.
JRO will fail IMHO. All the batteries they supplied to Chinese buses have to be replaced. They produced a low quality product no longer within Chinese government regulations and specifications. They require more than a bail out and refinancing, all their battery production facilities also need to be upgraded. And they haven't been able to find anyone interested in refinancing them. They have other problems also, but it would take too long to list them all here, or discuss them.
So the BOD will definitely want to lock in other off-take partners before announcing stage 2.
Gw
AJM headed for 70 cents per share, page-3
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