Earlier in the year I had firm plans to attend the AGM....but...

Earlier in the year I had firm plans to attend the AGM....but that was contingent on key initiatives being achieved.

The big ticket items were the Tivan partnership with SMS & the further consolidation of this globally disruptive technology...(a big tick on this one). Project finance was clearly the other key initiative.

In my view the whole financing package has become much more complex in the past 12 months, leading to a range of funding scenarios leading to what might be the final shape ie. separating out the Peake production entity $300M from the Tivan technical entity $600M with share dilution for key Instos remaining in the 30-40% range ( I don't buy the Breakaway analysis suggesting 60% share dilution).

Whether I'm way off the mark...or negotiations are in the final furlong is hard to tell. Short answer is I can't give a tick to the finance initiative being achieved going into the AGM.

Therefore, my proxy form sits at home with both a cross & a tick hovering over the box as I can't support the proposed incentive program without key news on finance.

Tactically, I would find it strange for the Board to once again propose a key incentive program favouring Board members at the AGM unless there was matching progress on key, critical, targets being achieved prior the the meeting?

This suggests a key announcement may be in the pipeline in the next 14 days?

What could that be?

* The revised DFS has been under review for 3+months. We must be close (not sure this is EIS contingent)?
* Completion of the due diligence for the German Exim bank must be close?
* Key VRB partnership announcement eg Sumitomo or similar
* Fed Govt support for the Project through the Northern Aust Development Fund

I am sitting & waiting, but haven't booked any tickets to Perth.

Jvest