This is my opinion only and I've read and re-read ECT...

This is my opinion only and I've read and re-read ECT announcements to see if I can make any sense of what has transpired with the Monash funding delays but more importantly to rationalise my continued support and large holding in this COY.
Again this is my opinion only and my findings after picking apart many of the recent announcements including the chairman's letter is as follows:

1. We know K-coal have COMMITTED a 5% share to the CDP and ultimately the CSP. This is a modest amount and % allocation in the CDP assuming a CDP cost of $50M to $60M. This commitment made prior to the ALDP shortlisting.

2. We have been told that ECT back in November 2012 were in the process of establishing a CDP legal entity and had completed standard term sheets and letters of intent as part of a developed commercial agreement process.

3. We know and this was stated in the chairman's letter that ECT were negotiating with other resource companies and expected completion of these in January or February 2013.

4. My opinion is that Monash has linked the Res 6 placement monies with the longer term CDP project financing. Since the ALDP shortlisting the Coldry CDP project would have been somewhat de-risked making negotiations/participation with other parties MORE LIKELY.
Monash is needed because the more money and financial partners ECT can muster up in the CDP then the more other resource companies will likely participate in the CSP and this will assist with striking off-takes for the exportable product. You can bet your life Monash understand this and are driving a hard bargain in relation to greater % participation in the CDP and ultimately the CSP.

5. This type of financial structure is complex as it requires negotiation across many parties and hence NOT UNUSUAL TO SEE DELAYS. IN FACT NOT UNUSUAL that ECT have further created delays by extending negotiations on terms in light of their confidence in the ALDP shortlisting and process which gives them leverage
Again this has been and may continue to be a CAT and MOUSE game. The 28th Feb deadline at least brings the placment component to a head and hence both ECT and Monash in relation to the $6M will need to show their hand. Will this also provide an opportunity for finalisation of Monash to be that CSI we require. Surely the letter by Monash and NY's attendance at the AGM last year is enough to suggest they want some skin in the game.
Over and out and fingers crossed for some signs of closure on the placement monies in the next couple of days