another extension, page-16

I note a comment earlier and in reference to the accounts released on Friday it states that:

"The process has been extended a number of times and at the time of writing the Board is evaluating an indicative non-binding refinancing proposal it has received."

This was not clear of it was from the existing lending syndicate or another party. I actually took this has being in discussions with the existing lending syndicate to renegoatiate the terms.

In this release it says:

"Further, the Company is in advanced discussions with one party in relation to a re-finance proposal."

The use of the word "one party" suggests to me that this is a different party to the current lending syndicate, because it is an odd inclusion.

If this were the case then I would say that there are effectively negotiating with 2 financiers regarding a refinance of the lending facilities. The current syndicate and a new proposed financier. The reason why I say this is because, notwithstanding the pressure that the existing lenders would be exerting, the one thing that sends a question through a lenders mind is if someone else is willing to risk lending money to someone then what am I missing. Maybe it is not as bad as I first thought.

I know when I apply pressure to borrowers as soon as the borrower looks to have the facility repaid I am always ready to reconsider my position and renegotiate because depolying funds to a project that I understand is easier to do than trying to redepoly to a project I need to get my head around. It all just comes down to risks associated with servicing and repayment of the debt.