Ann: India Project Proceeds to Next Stage, page-312

Logic needs to be injected in the discussion. The company has a good track record of getting financial support when needed.

It won't be any different this time. Insiders and top shareholders are most incentivised to meet the final ECT obligations to secure the deal. The down rampers on HC with a piddly amount of shares (if any) mean very little to ECT.

Why would those most likely to support ECT back down now of all times, when ECT finally have the ball in their court and shareholders are literally the ones now deciding if the project goes ahead or not? The final contracts have already passed the full boards of both major Indian PSUs. To think ECT couldn't secure $3m of bond funding and failing to secure the deal for that reason is ridiculous. Those peddling this theory have an agenda.

The risk to me has nothing to do with funding but timeline slippage again. Though that seems less likely given both full boards have committed to the same deadline, plus it lands on the all important EOFY date for R&D grant funding.

The company can also fall back on securitisation if needed, as it has done last year.

Management could have handled better the communication around timing of sourcing the bond. The very fact that it was brought forward is not a problem in itself. It actually shows the Indians mean business and are not going to sign and shelve the deal. They are demanding commitment, just like how we were 2 weeks ago. How quick do people forget this? Remember, ECT doesn't actually have to stump up capex so it makes commercial sense the Indians require another form of commitment.

With a mandate to construct the plant, fully capex funded by the major Indian PSU's, ECT will be worth much more than currently. Any major shareholder with the capacity, understanding of the value proposition, suitable investment horizon, and belief in the technology will most likely back it.

Good luck all. I am looking forward to the funding package details and good news to come this month and next.