I don't see too much trouble with the capital structure.I would...

I don't see too much trouble with the capital structure.

I would prefer they borrow money rather than do placements diluting shareholder value.

The last Quarterly said the plant was on (revised) schedule & budget. They had $25m of the loan available to draw down + $18m cash. The Dec Quarterly said they were seeking another RMB100m or about $15m in loans. So they should have had about $58m available end of December, though nothing was said about the extra RMB100m they were seeking.

They don't seem to have a problem getting loans with 5 different sources offering finance for the battery plant.

They have also previously stated the June Q $120m placement would cover the revised project cost.

Unless the plant has some major delays, I can't see the need for any more raisings etc.