Ann: Ardmore Operations Update, page-12

Something doesn't add up here. If everything is going so well and they are predominantly self funding development wouldn't that give financiers more comfort to advance credit facilities (that can be drawn down only as and when needed) and they can announce it? They haven't clarified these funding arrangements at all and since they previously announced funding arrangements would be announced by mid November something smells. It is not good enough to say negotiations are ongoing. They must explain this situation or be accused of giving holders the mushroom treatment.