hq gee up, page-20

Easy Cafa, based on Jan guidance, NO.

Ramp is not linear, that Q I did get answered. They need 6 months at nameplate = 5 months of sales to have any chance of meeting the debt obligations from cash flow and the guidance suggests they have entered Jan well short of it. The quick Ann. in Jan was defensive "to keep the market fully informed" as against their earlier commitment.

Q now, in my mind, is can they get now not only get production but consistent sales bedded down over the next 6 months to factor finance, or raise a loan against future sales, and of course what amount the shortfall.

Any comment on reaching nameplate can only now be treated as an estimate, at best. Hope I'm wrong but that's what a considerable amount of info is already telling me. I'm back building a hedge, stops dead easy.