Ann: Paringa Completes First Drawdown of Debt Facility, page-4

Probably because the devil is in the detail and this company likes to bury the key issues with meaningless highlights. The critical path item is the decline and that is now not intersecting first coal until mid December (was late November in the quarterly) so it’s unlikely they will deliver coal in December which means they will breach the terms of their only offtake agreement. What that means is anyone’s guess. Given the improved price environment they might just waive this condition and save the company from further embarrassment...let’s hope so.

Furthermore they have not delivered additional sales contracts as previously stated which is a condition on drawing down tranche 2 of the debt. Seems to me they are trying to cover themselves by saying the cash won’t be needed until Q1 2019 so we don’t need another contract.

Market understands so it’s down now up today