Melman you are probably correct. However, POS is unlike other...

Melman you are probably correct. However, POS is unlike other developers. It has a State Agreement that obliged it to submit development proposals to the Minister by a prescribed date. That date was 31 March 2008. They submitted them. The Minister should have approved them within 2 months (31 May). That hasn't happened so something is wrong with the proposal or they don't have the money to undertake the project.

But once the Minister approves the proposal they are obliged to undertake the work.

My concern is why hasn't the Minister approved the proposal or has the Minister extended the date beyond 31 March after they submitted the proposal to him.

It is interesting that POS hasn't told its shareholders what's going on with its Agreement obligations. POS obviously dosn't think its obligation to the State under the Agreement is of any importance to its shareholders.