No, I don't think MNB 'negotiating' with Carrinho is a valid...

No, I don't think MNB 'negotiating' with Carrinho is a valid explanation of why they have not updated market on the reasons for the extended delays.

Two reasons:

1. According to Minbos' original guidance, the MOU was to be formalised in time for the 2023-24 growing season. So they have missed that deadline by more than a year. It is absurd to think they have been negotiating the termsd of the contract with Carrinho for this very long period of time. Clearly, there is a sticking point that they have not communicated to shareholders.

2. That guy (allegedly) flew all the way to Angola and they brushed him off with some ridiculous explanation about the offtakes about to be announced pending some discussions about 'packaging'. Have they been discussing packaging for the past year? Is it a conversation about packaging that has made us unable to meet the conditions of the IDC loan and potentially miss the upcoming growing season?

Nothing about the offtake debacle makes sense.