Ann: Becoming a substantial holder-KNL.AX, page-147

Taken from the Announcement "Kibaran Market Update" dated 27/10/2016.

"Following a meeting with KfW IPEX-Bank and other lenders, it was noted that the RAP was one of the prerequisite to defining funding terms and that the RAP process also needed to be completed before KfW IPEXBank’s submission could be made to obtain the UFK (UFK = Untied Loan Guarantee). "

@robbo24, on the assumption both Euroz and yourself are correct about the cost of a 60ktpa plant costing USD 90M, then perhaps the other lender(s) is/are in for USD 20M with Nedbank providing 30M USD. This would mean KfW-IPEX would be lending less than half the funds?.

On my reading nothing stands in the way for Nebank and/or the other lender(s) to advance funds ahead of KfW-IPEX as completion of the RAP is a condition precedent to the KfW-IPEX finance. Does this mean USD 50M could be coming ahead of KfW-IPEX's funds?

I also think it is likely that one of the lender(s) referenced in the announcement is the CBA. Such could explain the confidence which it has accumulated a position at 28c, participated in the CR @ 23c, afterwards while the security's price has drifted.