RES (ASX) Ann: Director Resignation

Originally posted by spiro333 ↑

Well, it appears a few of us have been seeking some answers. With JJ & Phil on this. Let's face it, funding source is from Sth Africa so having a Sth African Chairman is no doubt a necessary requirement. I do see this appointment as a trigger point for approval confirmation of project funding. Why would you release the wealth of experience that Denis brings if you had no finance deal. The next few weeks in the lead up to the AGM are going to be interesting / defining.

Would be interesting to know which 1 or 2 of the Cosort 1 lenders have dropped out of the deal because of no MOU with Eskom. Are the terms marginally different for having no MOU with Eskom in this alternative package? Am just hopeful that Management as they have done until this point will not have to facilitate any equity raise component in this alternative funding package. With most of the lenders still participating in the alternative option (incl. PIC & IDC), you would anticipate a reasonable quick response from here as processes completed. Hopefully Eskom sort their house out quick smart and we sort out a MOU as domestic sales component are no doubt better for our bottom line.

Sincere all the best to my fellow Long Term Holders - a defining moment in the 'journey' is near.

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Mgmt haven't been able to stick to anything much over the journey.. but at least in the past few yrs -- they didn't issue millions of shares to dilute the rest of us to crap.. and they didn't sell down part of the project..

IF they stick with that and get a half decent funding deal done.. upside on this "turd" should it start floating.. is indeed considerable.

I can't now for the life of me remember where I read it/heard it - but regarding ESKOM.. even though coal supply contracts aren't up for renewal yet.. they clearly will be ( one day ) and imo it's a reasonable assumption that RES will be part of their supply.

Also.. lets not forget the previous ( continuing.? ) background work regarding the construction of additional power station(s).. which would also need coal from somewhere. With a 3.5 billion tonne resource - that's enough for 100 years supplying at a rate of 35 million p.a. which i believe remains their long-term production target.. ( the first million is always the hardest..!! )

Btw.. if no-one has gone 'green'.. i'd be happy there. Very happy