read the announcement properly. The two facilities subject to...

read the announcement properly. The two facilities subject to FID are also subject to Macquarie internal approvals. That means that they cannot be drawn down even if FID is taken unless and until Macquarie approves them internally ie their credit committee has to be asked to sanction these facilities. It doesn’t have to agree. They might sanction one but not the other. WE seems marginally more likely to be agreed.

Macquarie don’t have to have run the microscope over the numbers at this stage as they get the chance later. All they have actually done is agreed that Strike can announce a very conditional financing agreement in relation to SE and WE.

The $60m which is not subject to further internal approvals has swept in the existing debt of $16.3m and extends the original $40m 12/24 facility for a further period and generously allows an extra $3.7m to be drawn over the existing $40m facility.

So, its really a $60m refinancing of existing facilities. Typically misleading and ambiguous announcement spinning the position massively