Ann: Quarterly Report to 30 June 2017, page-9

Just catching up on some history, about the Chinese plant...

a preliminary plant design and financial model for a 10 year project life prepared by PGT indicates a capital cost of approximately US$50 million and an IRR of around 25% on total project equity of US$15 million;

This means 49 percent of $15m in a $50m project for a 25 percent return.

In other words, PGI tips in $7.5m and gets 25 percent or 1.87m p.a. (I assume its after tax). That amounts to 1c/share for 10 years if all the sad sack private lenders convert.

Not likely the private lenders would pay 8c and have their money tied up for so long for 12.5 percent returns in a project based in China and finishing in say about 2030. It begs the question, what about the LC plant?

Who would be riding shotgun if LC closes, after the extra cash above the equity contribution to China plant dispersed to existing share holders?

Someone gets $500k p.a. plus expenses to mail out cheques/bitcoins/BPay to shareholders every qrtr?

Thats of course if the Chinese do not reneg on the deal at some point, or the South China Sea doesn't boil or the Chinese Govt doesn't block foreign money transfers.

Pretty obvious, running out of time now, and its clear what the limitations are.
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