Pretty good summary Bilo although you have overlooked the fact...

Pretty good summary Bilo although you have overlooked the fact that the larger Aussie institutions, or even the mid-size instos would be unlikely to even look at a NEN type situation until results are to hand, and even then, there is no real guarantee they'll get involved. Having worked offshore for many years, I know that global funds don't necessarily have the same constraints as their domestic competitors and these guys are more prepared to take on risk. A fair comparison would be KAR where Wellington have been a major investor for many years, whilst very few Australian instos owned a share. I'm not saying the international investors are right or wrong, just that they are more prepared to back companies at an early stage of development than the locals. What often happens is that these early stage international investors supply the locals with stock when the initial early gains have been made.