shaw stockbroking report, page-12

all this talk of finance being approved

unfort finance (post-noble) is now a 3 piece puzzle

i wld expect and hope all pieces of the pie are announced together .. who knows when????

Senior debt - from a subset of old bank club (i think $200m will be raised max.)

Equipment Financiers - CAT or similar company for $100m odd

Equity (read dilution) - could be minimised significantly if the wash plant is equipment financed but assuming its not equity likely to be 100-150m also

Dont get me wrong I'm a res bull but financing of this beast isnt plain vanilla. I am guessing the Macquarie analyst gets more reception from PJ than our phone calls and their views are equity raise could be imminent to keep construction going until all finance pieces locked in - cant draw down noble as repayment period commences before construction finishes

Sorry for slight negativity