As per 2023 EWC AR: We have received a Term Sheetfrom Landbank...

As per 2023 EWC AR:

We have received a Term Sheetfrom Landbank of the Philippines for a syndicated loan facility for an amountof up to US$165 million ,,,to facilitate the construction of and bringing intoservice of the complete 650MW combined cycle Pagbilao power station.. It is a7-year term….. Until the loan has been fully repaid, there is a requirement for EWC to remain as corporateguaranantor and to retain at least 60% investment in the power project and thehub ([age 5).

Given that EWC must have beeninvolved in negotiations with Landbank well prior to including this item in itsAR I fail to understand why Landank’s request to be involved in projectmanagement would not have been known to EWC well prior to referring to such aterm sheet in its 2023 AR (ie. if it is normal practice for significant lendersto be involved in project management, such a request could have been easilyaccommodated or, if it is rejected by EWC, there is no need to refer to such aterm sheet). In general, the questions may be:

1.is it better to reject the loanand not advance/complete the project?

2, in whose interest is it to letthese assets remain idle?