From the beginning of the Palisade funding attempt I thought that the timelines were too long for the type of funding being offered. Although there were some approvals already in place for SA1 and Vic1 DEL were probably unable to put together a plan with sufficient certainty about dates. The loans were over quite short periods which based on current timelines for projects DEL would not be able to meet. It may be the reason why Palisade are still prepared to give them a hand to find other funding and are not just walking away from them. Nevertheless if timelines were the problem I would have thought that this would have been evident very early in the due diligence and should not have taken 9 mos to establish. It is becoming painful to watch how slow this is playing out and it is no wonder that the SP suffers regardless.
DEL Price at posting:
3.0¢ Sentiment: None Disclosure: Held
