mt kellett definitions, page-18

Niqo - though I have a tremendous amount of respect for NC, he has been known to say stuff in the past that reassures shareholders, but unfortunately does not turn out to be true eg completion of the plant. I am sure that NC sees it as part of his job at this difficult juncture to give as much reassurance as possible to shareholders (witness his "hope" that first feed would happen this month). I really dont think NC would, this far out from 15 October, be putting shareholders into a pit of doom by talking up the possibility of MK dilution. That is not to say that it may not happen though. In my view, NC at the last update (and in the surrounding "interviews")was in massive positive reassurance mode. There is always the possibility that the tOL will issue this quarter as Najib would not be saying to anyone either way when he will allow the tOL to issue (as that would tie his hands with election dates), so it would be fair for LYC to proceed on the assumption it should be soon especially if they have also had (as I am sure they have had) the assurance that it will be issued.

So, what I am saying is that despite NC's statements, if you take one step back and think about why the tOL hasnt issued already, look at the tight election contest there will be and the look at all the media speculation about election dates,I remain of the view that though NC was doing the right thing by shareholders in his update, it is more likely (though not a certainty) that the TOL will be post election. If the election is in September, of course, we may still beat the MK clock.

BTW, I am a practising commercial lawyer and I think MK would have LYC by the short and curlies on the non-approval point.