Howdy AJ, Thanks for the great post . Your terms of the loans...

Howdy AJ,

Thanks for the great post . Your terms of the loans etc look correct . I don't have time to scroll through ann etc so let's just say they are correct. .

IMO I thinks it's reasonable to assume that RCF will be heavily involved with this raising and the terms of it. I am also expecting it to be fully subscribed . This will result in RCF having the upper limit of your guidance and in complete control .

I do agree with a post made that management was expecting the SP to be a lot higher and that if they chose the option of paying the BL before December this would help mitigate the effects of the CR .

Given that the market conditions are so challenging the SP has performed below expectations . IMO the option of expiring the loan before Dec should have been abandoned . If the SP was a lot higher I would have a different opinion .

So this CR is going to IMO have a string negative effect on the SP. They have not starting the commissioning . As we all know these plants always require fine tuning before the plant is performing to design . What happens if there are major problems that require time down and money to remedy . The SP will be belted.

Due to a number of factors IMO the better road would have been to concentrate on making sure to plant performs better than design and get some runs on the board and work to get the SP stronger . A strong SP could limit the effects of the BL better than a CR at a low price now

TT