Ann: Market Update - 19 June 2020, page-13

Hi Foxy,

I hope you're well, and sorry for the delay in response, I knew it would take me a few moments to respond, so put off until now.

I stopped guessing timelines with regard to these matters a while back now, as there is too many forces at play, and I was always wrong. When I really dived into this many years ago, I saw that there was no way these guys could answer timelines as they had no control over the ten or so third parties that all had a financial interest. I think RES also realised this about 18 months ago, after they started writing cryptic announcements that kept us guessing the timelines.

I know that was one of the items that, they feared every time announcing anything. i.e. getting timelines wrong and our backlash.

From what they wrote, and me reading a lot of their announcements over time, it does read as you have stated above. RESGEN seem to be confident in satisfying, waiving and deferring CP's during the period of Financial close and drawdown. So, given that confidence, and the comment on 'constructive dialogue' I believe they have the lenders requirements sorted (waived and deferred in some cases). To be honest, some of the CP's were always outside of the scope of what could be achieved. i.e. akin to putting the cart before the horse. i.e. some CP's don't and cannot be fully achieved until the future, rendering the CP a nonsensical request. Several items were always going to be deferred or waived, hence you read that statement in previous announcements they wrote, from a finances point of view, that was always clear.

So, it sounds like the lenders have finally had time to review these nonsensical requests...this process is not uncommon, and simply allows lenders an exit clause in the event they find the risk too high....sounds like they like what they see... and the escape exit is not being used. So, yes, another delay, but dialogue being good, is very good.

It's not at all likely they would allow the drawdown prior to CP's being 'labelled' waived, satisfied or deferred. They would all have to be put to bed with an aforementioned label.

Finally, regards to drawdown date, that's part of the unknown with regards to COVID, meetings, and third party board sign offs. Sorry, I'm not the guy to ask on this one.