One thing l don't understand is why they didn't stay in WA and...

One thing l don't understand is why they didn't stay in WA and concentrate on building facilities there in their home market/state. The roll-out map looks great, with multiple proposed sites in the pipeline. It can't be easy logistically to develop a site in NZ from Perth. I don't know why they took on such a project, or are planning sites in Tasmania and Queensland. They're spreading themselves really thin for a small company. There surely must be enough opportunities in WA for the foreseeable future.

I can see DEL achieving a scaled-down version of that roll-out map. It could well involve Hamish and Joe biting the bullet and bringing in someone who dilutes their 50% ownership. I've been following the company for about 12 months. I still have confidence in management but can also feel we've lost momentum in the past six months -- at a time when I'd expected development and new projects to be ramping up.

I don't care about the lack of financing certainty or energy retailing margins so much if I can see some growth and development. Even the projects that have been announced are taking such a long time (SA1, Yarra Valley, Brickworks) to progress.

I agree with almost everything you wrote. I have a very small holding. I'm looking for the weakest possible excuse to increase it, especially at this (cheap?) current price. But I keep holding off and looking for signs of progress -- new projects and price sensitive announcements, not just about financing.