Ann: Financing Update, page-304

You forget that they were initially aiming for $350m USD. Now they are limping to $300m USD.

And again, the money is still NOT secured and subject to conditions, namely:

"The banks’ underwriting is subject to the successful conclusion of pre-placement market soundings."

Why do FAR and its supporters keep counting their chickens so early? They counted the $350m and now it might be $300m. Not something to be proud of.

Even worse is the additional cost:
"Undrawn facility amounts will attract a Commitment Fee of 40% of the margin."

At every step of the way FAR shareholders are copping billions of shares in dilution and higher interest payments.

Getting a loan is what thing, even people without a job can get a loan through loan sharks and pawnbrokers. Getting enough of it cheaply on good terms is what management should have done.

Given they did not get the origional $350m they were seeking and additional cost that has emerged from the bungle, by all objective measures it has been a woeful job.