Ann: Changes to Loan Note Facility, page-129

I agree with you, however I would not rule out a JV with AJM/SYA in Canada, hinged on the current NAL bid - AJM has low-cost spod in Oz, could deliver similar in Quebec? if it did the prospects for profit flows are surely better in Canada than they are here.

Certainly interesting that AJM has chosen to move auditor office to an office with partners with Canadian listing credentials.

Still think a JV is unlikely though and its taking a long time to get a deal all are happy with. Hoping a big reduction in rate comes good