conditions precedent, page-6

From the announcement today, a condition precedent is that
"Final corporate due diligence and approval by Banco Votorantim's internal commitees".

I dont know which lender you work for but to suggest the loan is done and dusted when it hasnt even gone to the Bank's credit committee, and final due dilgence on the cash flow model is to conducted, is just plain wrong.

Now the above things could just be mere formalities within the internal processes of the Bank or thats whats been communicated to AVB by the Bankers they are dealing with. I would like to think that AVB wouldnt announce this if it wasnt advanced way past term sheet stage. However, the fact that the interest rate is still to be confirmed is to me another warning flag that not everything is done and dusted.

Nevertheless the very fact we have something close, or very close, to a loan agreement is very encourgaging and kudos to management for getting this far.