legune option, page-4

Somewhere around the middle of February (15th or 16th I think) plus any extensions that have subsequently been granted.

No buyer has been secured for Legune Station yet, as far as I am aware, although they have a real estate agent out hunting for them and they have been doing the rounds for a while now.

My long held view is they will need to buy it or forgo the current A&O agreement unless they can get continual extensions until a purchase is secured. The problem here is no fund raising can be reasonably expected to occur until such time as the station is actually secured unless they try a shareholder capital raise for the ~$60m required and the rub there is the station isn't freehold so can't be securitised to help fund the next stage of development.

They may well need to look to other commercial levers to try and secure the station as well as get funds for the development. They are available and out there if the Board can find them if they haven't already but it will mean they hand over massive control and self dilution and that might be somewhat problematic and unpalatable for them.

Too big to digest? Possibly, but that was clear the moment they announced the O&A agreement for Legune Station.