I did see the drawdowns subsequent to year end, but I was trying to look at both expenditure and cash/debt levels as at Dec-13, which was the last available data point on both.
I had previously (incorrectly) assumed that the Manora facility was available when needed, not May-14. Was this known prior to the 2013 accounts???
With that delay in drawdown, they will be short funds in the short term, as you have pointed out. More debt or asset salesmay be needed, certainly in preference to equity at these prices. At year end the funding, to me, looks ok, but clearly that added disclosure, which I missed, changes that.
Cheers, Al (with tail slightly between legs)
TAP Price at posting:
46.0¢ Sentiment: Buy Disclosure: Held
