As usual well said 42trader.
I note:
A draft due diligence report (technical) was received by the potential mezzanine debt provider from Advisian in October 2018.The draft was updated in mid-November 2018 following theprovision of additional technical information and the clarification various matters raised in the draft report. Inearly December 2018 the remaining outstanding technical matters from the updated draft report were addressedduring a meeting in Dusseldorf.
Looks like the Advisian consultants identified a number of issues that took some convincing. Only sorted out once they met up with the SMS engineering team. So Advisian had their rubber gloves on as well.
Yes another delay to financing, but a good delay, in that we now have two independent DDs that have arrived at the same conclusion along with SMS who are guaranteeing the whole process.
The project will look even more rock solid to potential JV partners who I very much doubt would require there own technical due diligence.
The company is targeting the end of March for the final equity package, so working backwards, I would think mezzanine final decision should occur by the end on February.
Importantly this two month mezzanine financing delay has not impacted the construction timeline and time to first HPA.
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Ann: Altech - Mezzanine Debt Technical Review Completed, page-8
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