Hi winter. Sorry I expressed it rather unclearly but my 3rd...

Hi winter. Sorry I expressed it rather unclearly but my 3rd point about funding was the following: Personally I think debt funding of 90m odd is unlikely but the alternative of a CR (I gave it at 175m shares @ 55c to give a nice round 400m shares total) remains. Were MAK to detail OPEX of $110 and RP/an offtake of $160 then I'm sure they could get such a CR away. The net effect of such a raising would be to dilute eps 62.5%. Given I was using my 'valuation' to ascertain the implied likelihood of RP reaching the $150+ magic number, this EPS dilution of 62.5% is the same as a likelihood of funding being achieved of 62.5%. The real point is to show that even at 40c MAK still has a lot of probability of RP stabilising at/above $150/t already priced in.