AUZ Chart, page-3299

I acknowledge your observations, I would however say:

(1) A bonding contract is clearly a strong commitment but ultimately contracts can be broken for a variety of reasons - what I was implying was that a contract with an equity investment by SKI (the buyer of the output) is a stronger sign of commitment than just a binding contract.

(2) Likewise, I was observing that SKI taking an equity investment, if I am a financier looking at funding the capital investment requirments for AUZ, is a positive in terms of any funding consideration. Any financier would certainly take comfort in a company the size of SKI and also the contracted purchaser of the output taking a significant equity position in the company seeking funding, nothwithstandning that standalone the project has to commerically make sense.

IMHO by any logical assessment the equity investment makes the relationship between the 2 companies stronger and enhances any capital funding proposal.