is there concern?, page-23

Guys, all I'm saying is that the 'several month' delay on NEMA approval seems to have taken the wind out of our sails along with the recent pull-back in the market. I'm not expecting any strong buying to return to RES until Eskom & Transnet sign some agreements and we get project funding.

By then, we will be heavily diluted by a 40% equity placement so who knows where our SP will be by then.

I'm still a strong believer in RES and confident in my investment. I believe all these approvals, licenses and contracts are just a matter procedure, however every set-back and delay still hurts.

My main concern is the way our SP has steadily declined since MRA was granted and the implications this will have on negotiating a placement price for the equity portion of funding.