Have you seen any sign of execution risk issues in any project...

Have you seen any sign of execution risk issues in any project undertaken to justify your questioning their competence?

RL Water have been carrying out epc projects for years, the fact that Fluence continues to be awarded major projects plus their ability to arrange finance for same is the best indicator that their competence is recognised.

I realise that things can go wrong in any enterprise, just ask BHP, but given the proven competence backed up by a long history of achievement which associates of Mr Lauder would be aware, I don’t believe execution risk is at the forefront of minds.

Of course if people raise it as an issue then it may become a deterrent to potential investors, despite it exists only in imagination and without justification.