Monty,What your analysis misses out is this:Based on your cost...

Monty,

What your analysis misses out is this:

Based on your cost analysis of $90m, they are geared to 50%. Once they can shore up a bit more confidence from teh banks, the gearing will normally go up to 70%.

They will never need to tap the markets again, but I don't think it is as much as you have estimated. There is a sliht chance they may be able to fund the remaining through debt, but IMO, it is unlikely. I expect them to tap the markets again in Q4 this year or Q1 next year. In another post of mine, I mentioned I have pencilled in November, but I have no evidence to support this.

psyber