Given the ongoing AMA1 capital raise for current shareholders at...

Given the ongoing AMA1 capital raise for current shareholders at 1.10 euros per share (to be closed shortly 16 december 2019), the AMA1 share price on Frankfurt Stock Exchange is doing extremely well and already trading at 1.88 euros per share albeit still at low volume (the volume should increase over time with more shares on offer after this initial cap raise, the volume already improved to 17.000 shares traded per day this last session).

IMO this is a sign that the cap raise in Germany is going well and the company should be able to raise the expected 5 million euros up to 10 million euros capital.

The next phase for sophisticated investors should be done at a higher price of 1.20 euros per share to raise up to 75 million euros to be closed by beginning of April 2019, however, if the first phase went well it is to be expected that the second phase will also succeed (more marketing time, and more volume liquidity and trading at higher than 1.20 euros will surely attract more investors).

The latest news of the company receiving (FINALLY) the approval for 10 years tax free treatment from malaysian authorities cannot be underestimated, it may well be the trigger that the 90 Million US$ mezzanine debt was awaiting to be approved. I wouldnt be surprised if the securing of mezzanine debt is now imminent after this news. Remember what matters most for debt providers are the first years of interest payments (more than the last years of the principal repayments due to time value of money), the fact that the company wont pay the 24% corporate tax on profits for its first 10 years of operations would massively increase the liklelihood that the debt providers will get paid in interest without much risk.

In fact, the risk factor is important for mezzanine debt providers given that mezzanine debt is basically unsecured and ranks second to the secured to assets debt of the 190 Million US$ of the KFW german bank. Finally the good progress of stage1-stage2 construction from the reputable german EPC group SMS should help in expeediting mezzanine debt, but IMO the 10 years no tax news is the most significant for mezzanine debt providers. Its not 5 years, its 10 years, that is an impressive outcome.