Ann: KALiNA CCGT Western Canada Project Update, page-12

My main concerns right now are cashflow and the likelihood of another raising. Looking at the projected expenditure in the June quarterly, cash reserves will be around $1.9m and with no near term path to revenue, a raising will be likely by the end of the year. Should the deal with Phoenix Power eventuate, at what point do KPO get paid? It's all very unclear in my mind. I think @amadain nailed it with his comments re the five year time frame.

As for a buy in catalyst ... there isn't one for me anymore. I don't trust management and despite it's maturity, I'm not convinced that the Kalina cycle technology is economically viable.

On a different note, quite a few T20 shareholders have increased their position since last year which is encouraging although the sub 5c SP probably helped. The big question is why haven't we seen a Substantial Shareholder notice from Carpe Diem Asset Management? I know it's the shareholder's responsibility to lodge, but KPO have been quite poor in their enforcement of this (remember Pan Andean earlier last year). Do we assume that Carpe Diem are the Morgan Stanley buyer?