I get where you were coming from
@2ic.
Frankly though, if there are split requirements it's not likely to be problematic in the scheme of things, and 'up to $160mil' probably means they can drawdown $145 or $150 and not obliged to take the full $160m if it's not needed. subject to customary conditions precedent would be listed on all such announcement s and doesn't mean ministerial approval hadn't been granted. It could have been granted last week and only just been communicated to SFX. I agree it's ambiguou, however I'm leaning towards ministerial approval having happened given the overall wording of the announcement.
On this note I'd hate for you to take what I post as some sort of gospel informed from behind the scenes access, it's not (remember my call that a suitor was accumulating at 60c?). I'm just reverse engineering off the information provided in the releases, answers to clarifying questions that I sometimes ask of management, and the market action I observe.
Take my call on NAIf Board approval happening in early March, it wasn't that scientific, I just worked off where the arrow ended in one of the timeline graphics in the Half Yearly which was released just a week earlier (I assumed management would have a fairly good indication from NAIF when they intended to vote on the loan and so assumed if they were calling for NAIF and ministerial before end of quarter, given board meetings are held monthly, at that point (I posted in late Feb) early March was the last meeting if we were going to meet the end of quarter indication.
Anyway, enough of all that. Today's announcement is really, really great news, a big de-risker, and it looks like the market hasn't women up to that yet. I suspect once the international guys wake up and see the news we might see a slow strengthening over the next days.
my own sentiment is that the valuations support a $2+ share price at FID. So today's announcement should support a price of $0.75 - $0.85, with a further uplift to $0.90 - $1 on commercial funding completion, and $1+ on FID.
Hopefully we are all now starting to see that what current management foreshadows, tends to happen, and often ahead of expectations, the old market sentiment of undervaluing things should change based on this.
(20min delay)