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I think you are spot on FF (you too Kranky by the way!).

Exergen is a private company and what they choose to tell other people/companies about their private capital raisings is entirely up to them.

I doubt they'll tell Mantle, but they might. And that's the only question IMO. If they tell MNM, then obviously its market sensitive and MNM have to annouce it. But if they don't tell MNM, then MNM aren't aware of it and don't have to announce anything.

So I think you're right when you say silence will mean things are on-track.

Obviously, we'll find out about the ALDP results sometime between June and September when ALDP funding agreements are agreed, and announced publicly.