Ann: Change in substantial holding, page-45

1. You don't need to be a geo to follow the dfs. That is definitely not the target audience. Re cherry picking, I won't pitch in, there is no evidence to suggest this has been done intentionally. See below excerpt from announcement.
2. Was cash flow positive not claimed a long time ago? Again it depends on what you definition of cash flow positive is....
Cash flow available for debt service is what a bank cares about. Debt service being principal and interest payment. Now please explain how nameplate sales of 202.4kdmt at floor price of usd550/dmt, costs of usd400/dmt can service the full usd150m over 5 years at 7.5% interest fully amortising? Again one does not need to be a banker to do so. What I said in my first post is, the real issue is low prices and high costs. For avoidance of doubt can you explain how I am factually incorrect?
If you are defining debt service as intetest payments at 15% interest and no principal repayments then fine I arrest my case, they can service the debt. Happy days...
I was really hoping for a more insightful discussion around debt structuring hence I asked how much dilution you would accept to get debt over the line.