Re "banks, ECA's and EIB all on board": The only update that's included in the announcement is that all of these have been "strongly involved in this negotiation phase", which could pretty much mean anything...
Re "Exact structure now to be determined": They've been working with this group since May, so for almost 5 months, so I'd have liked them to put a bit more flesh on the bones here in terms of progress update.
Re "Awaiting gov grants first so we know how much debt is exactly needed": This is not mentioned in the announcement. If this is in fact the case, it would have been great if they had clarified that this is currently the bottleneck.
Again, it could very well be that everything is trucking along nicely and it just takes a little more time to complete DD and work out the final structure. I am just puzzled by an announcement that claims "significant progress" and the "achievement of a key step", without actually providing any tangible update beyond the fact that the company has approached additional lenders.
Don't get me wrong, I very much hope that the project succeeds, so I'm keeping my fingers crossed. But I feel that instead of removing uncertainty on the financing side this announcement has added to it, so took some chips off the table for the time being. GLTAH
VUL Price at posting:
$4.46 Sentiment: Hold Disclosure: Held
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