Ann: Non Renounceable Entitlement Offer, page-157

Sentiment is Buy as that is what I am doing, I am taking up around half to three quarters of my entitlement in this offer.

As I've said in earlier posts, for me this is probably their last chance to get things going and at 0.4c with a 1 for 2 option, the upside from today looking forward is quite attractive. At today's market cap, the value of the projects is 0 as they're trading at around the value of the equipment to be sold + the arbitration proceeds.

1 project developed and this snowballs very quickly over the next 3 years and hundreds of millions of $ of NPV can be unlocked. I still think they'll get there eventually, but perhaps not on as good terms as they imagined.

0 projects financed by year end and I think we won't get more funding again so will shut shop... but to me even in this case of liquidation, I think we'd still be able to flip the holdings for a few million - so from the market cap today, downside is rather limited in my view even in the worst case scenario. If we packaged up and shopped the assets in liquidation, I would think there would be an offer for at least a few $M, maybe even $10M+. It is several hundreds of millions of $ in NPV, that just needs cash and a willingness to operate in Cuba to develop.