LSE listing ann today, page-2

Here's the prospectus link:

http://www.danakali.com.au/images/Danakali_Prospectus.pdf

Lots of detail to get through. My first take is that the company has a deadline of 31 October 2018 to begin development of the project, that in the six months to 31 Dec 18 only about A$12m will be spent on development but then in the first half of calendar 2019 about A$134m will go towards things like planning, equipment purchase and commencement of earthworks and construction.

On financing they state that they are shooting for total cost (not including financing expenses) of US$322m of which 60% will come from third party debt, 10% debt arranged by the company's subsidiary and the rest from equity raised by the company. It is stated that the work to be done in the first half of calendar 2019 will not proceed unless the debt facility is secured. One sticking point is that the Eritreans have to formally sign off on any debt deals (not sure why they would object but nonetheless it is one more hurdle to get over).

Anyway, happy reading. The listing is scheduled to take place first thing next Tuesday (pommy time).