one4, the Sojitz cash is exclusively for stage 2 construction, it cannot be used for operating cash or any other purpose. The $125m is dependant on POL approval.
The Malaysian Govt has done nothing to stop or delay S2 construction.
Suggest you redo your FA in line with reality.
Quote from recent report:
"Cashflow squeeze a risk
The recently agreed $125m working capital facility is contingent on receipt of the pre-operating license, so cash-flow remains vulnerable to delays on that front. We estimate that if the company is unable to draw down on that facility by the end of CY11, cash will fall to ~$20m. We do, however, see several 3 options available to the company which would be preferable to issuing equity, including:
• Relaxation of conditions on working capital facility draw-down;
• Relaxation of restrictions on Sojitz/JPGMEC Phase II facilities;
• Contract pre-payments."
trading halt, page-119
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