Ann: Interim Group Management Report, page-18

I think given the scale and complexity of operations, VUL have no choice but to disclose every conceivable risk/challenge which could come up.

Risks/challenges are not the same thing as roadblocks.

The land issue was raised as a challenge but they are making progress with land acquisitions so there is no reason to believe that won't continue.

Debt financing is not a challenge specific to VUL but the amount of funding is significant so it is correct to highlight this to the market in the event there could be a delay. This does not mean there will be a delay, they have only just finished touching base with (multiple) Gov. backed credit agencies with the formal process to begin Q4. We need to understand the type of company we are investing in though.

Hopefully the commissioning of the LEOP (October) and CLEOP (not long after) give the SP a much needed bump up.