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It really is very hard to see how the independent expert is going to recommend that sale is reasonably in the interests of shareholders.

If the bidders had gone earlier, the expert could have beefed up the risk of the outstanding build, to reduce the current value. To justify this sort of risk-based value reduction in 3-6 months time is going to be very difficult, unless the expert assumes that it is virtually certain that there will be delays in commencing K2H operation [in which case the bidders will have withdrawn]. So far, earthworks are on time, and equipment is on time.

The business is currently cash-flow positive! Revenue will be further up in 6 months, even if solar revenue comes off.

The big risk for those of us who have been in the company for a while was always dilution associated with new investments. This was addressed in question time during the Q1 Investor Update Presentation, in relation to the Wind Farm. In short, Bauldercombe was too small to attract an external partner, but they feel that the Wind project will be big enough to attract an external equity partner, eliminating the need to go to the banks.

If there are investment opportunities, I would not be averse to selling of Jemalong to someone who wants to firm and package green power, to avoid incurring additional debt, especially once the Bauldercombe cash flow commences, to pay for ongoing operations. Simply don't see as big a future for solar farms as for other technologies, because of ongoing growth in rooftop, and failure of AEMO to develop midday soaks to put a floor under the price. Not averse to selling KS1 either, but we have a nice deal there.

All just my opinion