Ann: FY22 Appendix 4E - Investor Update, page-8

Some reasonable arguments and data points both presented dabozza and emptytrolly. Good reading.

I think the real shame out of this result is the further destruction to the creditability of management. Why are we only finding out about the 15 months delay to VIC 1 / SA 1 now? I would suggest management knew about the delays (and re-cut timeframes) well before publishing today's results 31 August 2022. Continuous Disclosure anyone? Is there any certainty they'll be delivered by then? Nothing management put forward to the market now can be believed until its been delivered. Their creditability is shot.

I think management have gone completely the other way now and put ridiculous end dates on both VIC 1 and SA 1 given how burnt they have been on current project delivery. Joe actually alluded to this in his pre-recorded presentation.

Management closing out financing in 4 weeks? Who knows, can't count on it. Joe mentioned a number of times in the pre-recorded presentation that it is a ''project finance partner''. That to me, implies a single bank and I'm going to guess an Aussie bank. $221k for a legal and DD process is pretty cheap (but we are not finished yet!) wait for the 1HFY23 accounts and we might find some further costs here. Planum fees are yet to kick in - they are all success fee based!

lol the gift that keeps on giving! I don't think we are done with ''one-offs'' just yet.

I think the other key factor playing in my mind is the massive YVW contract. They have already provision for a $68k loss in the accounts and its just recently been signed! If they don't delivery that on-time, on budget what would the financial ramifications be? $700k-$2m in LDs on various contracts to date which are much smaller. Try $7m-$10m if its not delivered as it should be (it'll cripple them). They have hardly demonstrated their ability to deliver infrastructure on current projects, why should we believe they'll be able to deliver a contract that is 4-5x the size of anything they have delivered before?

I think they need to fire their legal team (just as an aside) as good infra lawyers would have been well aware of these risk positions/exposures that they claim to have fallen victim too.

Unfortunately I am so deep in this name I'm stuck for the moment. Maybe if they do close the financing we'll see a modest re-rate into the mid-teens upon which I could take out some exposure. Not sure what to do.

As both of you have said: today's we have seen the good, bad and FUGLY.

Just like the Essendon football team - DEL management can't run a bath.