Ann: Company Update , page-34

fair enough v1. you're not alone with being disappointed in how long its taken to sort out the finance. but personally i see that being a reflection of the complexity of the task.

like you i was very disappointed with events following the announcement of the 5m eu loan. at the time i thought that was the announcement to unlock value, but it wasnt to be.

but my take on status after mondays announcement is positive. i though the update itself was one of confidence and for mine it ticked all communication boxes: explained what went wrong, advised a new strategy, gave a tight timeline. they have given timelines previously but they have always come with dependencies, ie, drilling in q4 was dependent on completion of financing.

further my interpretation of the announcement was that there are a selection of options that are there abouts and could be selected very soon: gres or a hybrid loan equity deal appear the front runners.

my position is that having multiple options on the table should enhance both chances of financing being finalised by christmas and also strengthen managements negotiation position.

but like you my crystal ball is shite so i wait patiently, perhaps with a little less awd history that you and a tad more confidence.

good luck to us all.