i'm buying at these levels, page-39

JJ - from memory there are some issues with getting a $80m LOC - firstly the agreement with Sojitz is that half of any debt funding raised goes to pay down Sojitz debt first. Also the funder will rank behind Sojitz. Practically this would suggest that they rate would be much higher than currently.

Maybe Sojitz will renegotiate the debt again - but not sure why they will be in a hurry, as it possibly suits them better to wait and see how things go at this crucial time, rather than water down their leverage early. I imagine Sojitz's greatest concern is to get their money back first, and then to get their supply second - as the Chinese producers are exporting plenty anyway ATM (but may be playing "funny buggers"). It is possible Soj will prefer an arrangement where they get their money back and somebody else runs the show with the supply agreements in place.

No matter what I doubt Soj will want to risk the project being killed. If an investment banker comes up with a big equity deal to pay them back, and guarantee supply, I imagine they would go for that in a big way, if it is within their power. Takes significant risk to them off the table. In this case - SHs might hope there will be a fair deal to maintain equity, but unfortunately this is not usually a major consideration for the inv bankers, and there have been many placements rather than entitlement offers in the past, and if somebody is to write a big cheque, they might prefer to have certainty, than just being an underwriter (hence could be very dilutive).

Management and directors don't seem to have so much skin in the game now that they couldn't be persuaded to go along with something, they may even be due some "retirement benefits" - lol - I'm not sure.

Sorry if this is a bit negative - but just sharing my honest thoughts. I'm only talking about risks here - I honestly have no idea what will happen. DYOR. Somebody please correct me if any of my "facts" are out of line.

GLTA