@dabozza we will all take different things from the report, I'm presenting my thoughts and don't think I'm being dishonest as you seem to be suggesting. I was spot on with my analysis of the retail energy division when you were previously accusing me of being overly optimistic. All I was doing then was analyzing the information we had at hand and as it turns out it was in fact you who that was being overly pessimistic and speculating rather than just sticking to the facts.
Could management have had better risk management dealing with the once in a 100 year pandemic and the spiraling shipping and materials costs that came with it? Of course. But the thing I'm choosing to take from it is that those projects and their costs have come to an end, they will be completed over the coming months, and management have put in place better procedures and processes to make sure they are managed better going forward. This is a junior company it would be incredible for them to get everything 100% correct on the first run. For now the damage is done and we get to wait and see if management learns and grows from the experience or not. My take is that they are and will.
I disagree with your assessment that the "lions share" of these things are "poor design decisions" when $3.8m of that $8m is directly linked to covid. $2.5m on having to use different tanks in NZ alone. I think you are misunderstanding the issue with tank materials, they we forced to build their tanks using a different process due to not being able to physically get to NZ and were forced to use the more expensive steel to match existing dimensions of the already designed and in construction plant. The feed-stock calibration issues with BlueLake boil down to a number of issue which shouldn't be wholly unexpected for a world first, I've stated many times I think it was a bad idea not to have a better contract around paying damages in this case but it is what it is. The important thing I choose to see is they have now opened a new market using agricultural waste and have world leading experience in getting it right. It seems they are already getting interest as a result of this project.
I don't have anything else to say about financing we weren't expecting any news here and didn't really get much. No use going round in circles on this issue. Delays to SA1 and VIC1 suck but thats just the way its unfolding, in the end I think the scrutiny DEL is receiving is going to be a benefit for them going forward.
As I started everyone is going to have a different take, but that's the game. For now I personally remain positive for whats to come.
