Hi Noodly, I'm Referring to the capex blow-out with ATC. An argument put forward as to why this wouldn't happen with TNG was that SMS has been involved in TNG for a much longer period of time than it has with ATC. However, can anyone name a few projects where there hasn't been a cost blow-out and it has proceeded successfully?
For the record, I don't own any shares in ATC but have been keeping an eye on it and comparing it to TNG on a number of fronts. Two different companies but the similarities are uncanny. For example:
Some of the top 5 investors are the same
SMS engineering involvement
KfW Bank financing
A lot of talk about being at the "pointy end"
Regarding the financing, they have been in the "due diligence" phase of obtaining a mezzanine debt facility of $90m for about a year now with no end in sight. The term "mazzanine debt" should sound familiar as it was mentioned as possibly being a part of our financing structure during the KfW bank financing announcement. Will we take a similar path, given we also have SMS and KfW involved and does this mean it will take about the same time or longer to approve, as our capex requirement is significantly larger? Also, TNG is not alone with it's snail pace performance, with ATC also drastically underestimating the time it would take to be producing. The hotcopper threads read like "financing is just around the corner;" and "a major re-rate in a few months" and we're talking years ago!
I don't want to be a downer, but these are noteworthy points.
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Hi Noodly, I'm Referring to the capex blow-out with ATC. An...
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