Probably, yes, because its all "approval to" "potentially" "expected to" "pending" "subject to" etc. We all know the importance of this step and that it is undoubtedly going ahead, but the real action imo happens when finance deals are actually done i.e. completed. The announcements of the past 48 hours also put paid to speculation that the capital raise was an equity component or precondition of the funding package and was linked to it. The CR completion announcement makes no such connection. Rather, the CR was for cash to pay the bills, as the cash balance is getting low given the current late stage burn and the rising execution costs. Future project level equity provisions will still be required.
Roll on commercial bank finance completion and perhaps some (unconditional) public grant money and we should see the phoenix rise in the weeks ahead!
VUL Price at posting:
$6.64 Sentiment: Buy Disclosure: Held
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