By design or deliberate I can't see NFL getting a better funding...

By design or deliberate I can't see NFL getting a better funding proposal as things currently stand.

According to the independent experts report there's only about $7m in the bank of accessible money which unfortunately is too low under current market conditions. Remainder of cash is restricted due to terms with other parties.

The key problem with raising funds is the terms of the convertible bonds. These limit the ability of NFL to secure more than $20m of debt against the Singapore plant. That is why the structure of this proposal is $20m debt and $20m share placement.

I think their estimates of the profitability of glycerine refining is rather conservative but reasonable for them to be somewhat conservative in light of the extreme movements in prices of feedstocks and the like over the last year or two.

As this stands I see two options, accept the proposal as is or NFL will be forced to sell assets. Given they really only have the Singapore plant and a 50% share of the Darwin plant doesn't really leave them much choice in that regard. And given the state of the market and the problems of commissioning the Darwin plant I don't see selling either plant as a good move at present.

My proxy form is all complete, just have to post it now. I'd presume that if the proposal is approved that the share price would initially move upward to around 12 to 13 cents.