Let's look at what we know..., page-86

Hi Alpha,

The below is more accurate;

1. Conditional approval is what we are awaiting. The rail link is not important or market sensitive at this stage. Once signed by IDC we will hear immediately. I have relaxed my timeframe not thinking about the fact that there may be new board members and the like that have to review. This will be any day...

2. The rail link would be the least of our worries. Papi is ex-transnet... been there done that... and will not be provided until you have loan approval. Ie it will be done in the days between conditional approval and EGM.

3. Shareholders EGM is after the loan approval. And after the independent financial planner letter.

4. The rail link will not factor as a concern..assume this is a done deal.. advanced stages.

Let me be as clear as day... we are awaiting the paper to be signed by the IDC. They would have had it for two weeks now... why the slow pace?.. the slow pace would be that they agreed last March to the deal. Given $100M is one of IDC’s larger loans whoever is signing off may have to review and get their head over it again. Let me also be clear... IDC is not RES, they will not rush this to please RES shareholders.

5. They do not need to finalise loan contracts or terms... so there will be no delays from RES at all...

I don’t suspect the IDC could drag this out for more than three weeks...watch your news alerts!!! And you don’t have one... set to your phone for next week!