Hi Magic, I just don't see a scenario that excludes debt...

Hi Magic, I just don't see a scenario that excludes debt funding. Not to say taking on debt is panacea (prefer companies that generate cash as opposed to consuming cash) but you have to invest to make a return and that carries risk.

It is appropriate now for AKK to assume debt. Debt for development is OK (especially in the EFS with reasonably predictable results and an experienced operator).

AKK mgmt team is in Australia doing a roadshow. When I spoke (phone) with GG yesterday I (semi) jokingly said the last time I heard a CEO say there was no need for further CR as we'll have debt funding in place, it was followed by a CR within the month.

Really think its a question of how much (each tranche) and how the terms evolve as AKK meets its hurdles. I'm (quietly) confident but you can never say never.