Ann: Funding Update Correction, page-169

Thanks to all for input and research.

This is no doubt a cluster f### caused by ("insert your favoured theory") through whatever reason ( we are all guessing, none of us knows)

The funding entity background does not bother me - seen it many times. $300m is not that big a deal in the scheme of things IMO. I have been racking my brains trying to see who would have something to gain here. The only thought I had was someone fed them that info to pump the price so a third party to liquidate - but that's another wild speculation. But lets not forget the pump was on Dec 31, 2019 as others have pointed out, so the whole ADIA questions a side issue because that wasn't raised until 15th Jan, and then was relatively quickly corrected

I do wonder whether the announcement of Dec 31, 2019 was made in an effort to mitigate risks from a qualified half year audit report, because they can turn round to their auditors and , say look, we have a deal - no going concern issues. The full year audit report had a "Material Uncertainty Related to Going Concern". I thought at the time it was a bloody odd half day to issue such an announcement, and I still do. The whole funding deal announced on that day regardless of where the money is coming from strikes me as very odd, and I can't help but think there was a very good reason for that, which we will doubtless never know about.

Partners at their auditors (Hall Chadwick per last full year report) are going to be checking their indemnity insurance before they sign these half year accounts off.

I keep going back to a couple of facts:

Directors and friends have over 50% of the Company - share price tanks, they lose, we lose.
This funding deal is with only ONE out of over 10 JV deals ongoing, admittedly the biggest and if it comes off a Company maker, but not the most important - that is Amsterdam
GEP as the JV partner have been stated as such, way back since prospectus days and the info provided by posters here on HC about the railroad dispute, fits the bill for the reasons the project has not advanced to date.


The GEP guys seem genuine to me

Amsterdam plant is there - the biggest risk is does it work on commercial scale - everything else is irrelevant IMO - they have to prove it works.


FWIW, in two weeks I'm punting we will be looking back with incredulity, holding shares in an entity with ~USD$39.6m more in its bank account. There is nothing anyone can do but let this play out. Either way, it'll be a story I won't forget for a long time, and it will be told while either drinking weak black tea, or 25 year old malt.