EMC AGM summary, page-36

I apppreciate your concern with debt. But Richard has come out to say they don't need a capital raising till 2019 and Ronald has boosted the capital structure with an injection with $20m.

I am not too fussed with debt. So far, the management has done all the right things. We have to trust they will continue to do the same.

Just another point. We are investing in disruptive technology in the water space. Just as in the case with Tesla, if we had been too concerned with historical data, we would have missed out on the run. Tesla , to me, is not about electric vehicles. It's about batteries and the smart grid. Likewise, MABR is just to get the footprint. It will grow into SUBRE. But ultimately, I think they are gaming for EBR and making each water treatment plant a power plant. Just my two cents.