This is the way I read the announcement, and the reason I sold...

This is the way I read the announcement, and the reason I sold today.

EXIM finance is dependent on IBG raising equity. IBG haven’t been able to raise the equity, hence FID delay. If they haven’t been able to raise the equity by now, I can’t see them raising it in future, without significant change in mkt sentiment.

So the “reset”, IMHO, is shareholders have to accept a new strategy, which from the announcement appears to be considering three options:

1.Further prove up the resource. This is a dreadful idea. It’ll keep them in jobs, but won’t add any value, only kill the SP with endless CRs. If the resource isn’t good enough now, more drilling won’t help.

2.Two look for other options to provide shareholder returns (takeover, selling majority ownership, etc). This sounds great, but is unlikely to succeed. If they couldn’t attract equity for part of the project, why would anyone stump up for the whole lot?

3.Keep the whole lot under care and maintenance, until the situation improves. This might mean nothing happens for years, or even a decade.

There is still an outside chance a partner might come on board, or EXIM offers even more favourable terms. But in my opinion, they’ve given it a red hot go, and come up empty handed, which is why I bailed.

The more likely outcome, IMHO, is they’ll do a CR for some modest drilling, to keep themselves busy, and the project will languish for more years, with the SP declining under ongoing dilution.

For those remaining, I hope I’m wrong.

Forgot to change my sentiment to not held, none.