Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-5

With FID for both BCS and K3W this CY, I cannot work out what these guys will do for the equity requirement. Their aspirations are admirable, but with GNX's balance sheet and current debt load I can't see how these projects get off the ground without selling a large portion of the project to give ourselves say 5% free carry. Otherwise dilution here we come...To me, this is the big item keeping buyers away.