Nice find boltsy. Being straight from the horse's mouth and...

Nice find boltsy. Being straight from the horse's mouth and recent, this schedule is telling. With a handful of days left of Q2, I'd be very surprised to see another announcement confirming the EIS application. My guess is the newsletter was created to buffer the effect of the EIS application delay.

As a result of this delay, I can't see FID being completed this year. The continued talk of a mezzanine debt facility seems like we will take a similar path to ATC, which will mean more than a year of due diligence from the financier offering this debt. I see the schedule looking something like this:

FEED - SMS & Ti Cons completion Q3 2019

EIS approval Q2 2020

Equity & Debt Financing, FID Q2 2021

EPC Q3 2021

Upon analysing a few other companies and you all know, a significant re-rate will only occur upon FID. Again, a good example is ATC, who have already begun construction, but not completed their financing package and their SP is still in the doldrums. SP will spike and dip a little, but that's all.

The BOD is making obvious progress, but we are definitely nowhere near the "pointy end"/FID. For that reason, I'll be at least, slowly selling down my 2.8m holding to a reasonable level. My portfolio has been top heavy with TNG for far too many years with the hope of a re-rate being "just around the corner."

GLTAH