Ann: Termination of Keybridge relationship, page-27

Perhaps the same entities who were options for providing debt previously when they were cashflow negative? Got to remember that this is appraisal, not development. Phil holds a big chunk of these and there's no way he's going to do a VEN on himself. Yes, everything is a possibility, but please don't put foxes in the henhouse due to an unlikely scenario. I'll say it again differently: they really don't need much more than a debt facility the size of which they had with KBC. I can't see that being that hard when they are reserve backed and have a high chance of success at O2... and therefore a high chance of being cashflow positive into perpetuity.