CDU Ann: Change of Director's Interest Notice, page-50

"I would put more faith in the auditors professional reputation than AFR's which according to them the auditors $81.4 million was needed in order to successfully commercialise the Rocklands Project from the full year accounts."

Sorry, completely wrong. That isn't what they said, nor is it true.

What they said was that a further $81.4m of capital spend was required to commercialise the project. On top of that CDU needs funds for admin (at least another mil for Wayne before it is commissioned, for example) and working capital during the commissioning/ramp up to full production.

Nor is the other $35m available to be drawn upon. At least, not according to Bruno in the last quarterly. IMO they definitely need another $75m to $100m before the plant is up and running at nameplate, which may be offset to a certain extent by revenue from product during commissioning (and, of course, the fabled DSO and NCu sales).

Underwriters? The three sub-underwriters for the last CR were individuals, two of whom had links to OW. IMO it was OW providing the funds - funny how one of them transferred his holdings to OW's nominee. No underwriters for this one, I reckon, look at LYC as well if you want another CR where the sub-u/w were left holding 65% with the SP now almost 30% below the issue price.