chat with the company

Dean called me from Canada today in response to an update request I had made.

Key points.

1. The primary reason for the FS delay is still the power solution. They have been doing lots of work on it and are in high level negotiations with the PNG govt. He stated that the PNG govt have been very helpful considering there are other projects on hold due power supply issues such as Frieda river etc.
2. I asked if the power solution was linked to the PNG LNG gas project and he said no.
3. I asked what options they are looking at. He stated hydro, coal amongst others. He alluded to the requirement of a 200mw plant located on the north side of the island to bolst the power grid for madang and Lae.
4. I asked about the packet of land they purchased in Madang for that purpose. He stated that they still had options for using that land.
5. I asked if PNG govt funding of such a project was reliant on revenue from the LNG project. He wasn't sure how to answer that but my interpretation of his response was that it could be a factor.
6. I asked about the rollover of Sentient debt due in dec and how it was going to be handled. He was confident that an agreement would be reached but the mechanism for this was in the early stages of discussion. I asked if it meant more dilution. He stated that this was possible but once again early stages of discussion.
7. I asked about top,twenty shareholders and he stated that the reason for the share price suppression in Canada was due to institutional selling. In particular George Soros has sold 2.5% of his holdings in June / July. I will email him directly to get an up to date list of the top 20.
8. They still have strong support from sentient. He stated the FS is only waiting for the power supply solution to be finalised before completion. No time frame given
9. I asked if Marengo was,still a viable company. He unequivocally stated yes.

BTW. What was with that thread moderation?