The way I read it, the delay in the Planum Partners financing has been caused by DEL showing a lack of corporate maturity in areas of Governance, Project Management and Contract Management. Seems to me that they will be taking a loss on early projects due to less-than-ideal contracts that did not contain adequate pricing/delay protection. Maybe it was lack of experience/maturity, maybe it was a calculated risk to get early project runs/credentials on the board. I suspect the financing has been held back until the finance providers were satisfied these shortcomings have been addressed going forward.
Nonetheless it has bitten them and contributed to the larger FY22 loss, and there are multiple comments throughout the explanatory deck re improved process, additional procurement-dedicated resource, better future-proofing/protection in upcoming contracts etc. Hopefully next year there will be fewer "once-off" items in the FY23 4E.
Reports Today, page-12
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