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Smokin, sorry mate, as much as I love your enthusiasm and optimism, I have to agree with Eddie on this. In fact there's lot more than just the number of shares in issue to consider. Think of all the sentiment that's be destroyed here. Moving forward, IMO, the recovery will be a hard slog. First and foremost, Ian has to win back the trust and hopefully lessons learnt about the accuracy and details of RNS's. I think we're all behind you wanting, wishing a monumental recovery. For now, it's underestimate and over deliver mantra for me. 0.45 would be a great start. GL mate....
BTW guys, from my earlier link from teh Treasury, did anyone pick up on the sub title?...the wording 'FINAL"
"Request to Approve Amended and Restated Final Resolution Authorizing the Issuance of Tax-Exempt and Taxable Solid Waste Disposal Revenue Green Bonds"
One would assume the outcome should make way in to the media.... NFCP or Phoenix must surely capitalise on this.
The six month exclusivity ends in November. IMO, it is another USK like MOU that will go on for over 12 months before firm decisions are made. There's heck of a lot of preliminary work needs to be completed.
I have seen no mention in Suez archives, nor Cobra, Haverton/Billingham journo's. nothing on Scott Bros website....... nothing of late anyway.
Smokin, just to help stay on topic, and to answer your question...
All the info is in the RNS:
EQTEC will act as the lead developer and technology provider to the Project, as well as providing its engineering, design and technology expertise. EQTEC will work alongside COBRA to produce the full EPC and O&M offering for the Project as well as seeking to secure the necessary funding for the construction and development of the Project, through the introduction of third-party equity and debt investors ("Financial Close").
Financial Close is conditional on, inter alia, the completion of due diligence on the Project, execution of definitive agreements between the Parties, the necessary funding being secured and the EPC and O&M contracts having been entered into. Scott Bros will assist both EQTEC and COBRA with all documentation and additional permitting required for the Project and will also be entitled to a developer's fee payable on Financial Close.
The MOU is subject to an exclusivity period of six months, which can be extended by the mutual consent of the Parties.
Morning guys.
King5hott, NO, it does not mention EQT which has been not only disappointing but also frustrating that we are not getting the due exposure, hence my previous rant about the PR.
You have to remember, this is an ongoing Bond/Loan approval document and has been discussed at almost every monthly meeting by the Treasury. Seems that they have not updated the stakeholders list. However, the agreement is between the Treasury and NFCP LLC and it's affiliates. Our 20% stake in NFCP llc is legally binding (as per rns)
The bottom line is that both the Treasury and North Fork Community meetings confirm things are progressing and ARE nearing closure.
Anyone that thinks this is clutching at straws is nothing short of an R. Sole.
IMO, DYOR, GL.
Just hit upon a big find about another meeting that took place 23rd July - A lot of details if someone wants a good read:
CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY - BOND FINANCING PROGRAM - Meeting Date: July 23, 2019
https://www.treasurer.ca.gov/cpcfa/meeting/2019/20190723/staff/4b.pdf
NFCP LLC 'group' of companies needs to be corrected to include EQT?.... surprised it's not been addressed before this meeting!
Will now be looking out for their minutes of this meeting.
Thanks for the explanation Birdseye. It wasn't so much the escrow bit, my intrigue was about the conditions for the escrow as it is the 1st time I've seen it mentioned in relation to the NFCP financing. May be that's why we had two men out there?
Unless we sent two bin men over to clear all that plastic piled up outside the site!!
:0)
King5hott, These minutes just go to confirm all the hurdles that have to be cleared,
For example, what does this mean?..."There needs to be one more approval"... no details given.
However, the key point being "On August 28, there will be an escrow closing for the full financing of the plant."
Let's hope they stick to that.
Am a little confused about "Approval was given for increasing the output to two megawatts (from one).."
Our RNS from 24th Sept 2018 said"-- Phoenix considers EQTEC as the exclusive technology supplier of a 2MWe gasification plant and a 3MWe gasification plant for the 12 months from the date of the MOU "
May be the wattage was subject to approval?
The interesting thing is that the meeting was on the 22nd July. The info in the minutes would've been relayed to Phoenix and EQT. If it was significant, should they not have announced something? May be Ian's waiting for 'show me the money', having been stung so many times?
So, potentially, Ebioss and North Fork update this month?
OK, here we go guys. The minutes of the July meeting have been published:
https://drive.google.com/file/d/0B5in4ffHd2R8YkJHWmVRRVBUcVV6bkxSeWZ3X0lrTHlTbE1r/view
Had to Lol @ "Public Comment: Steve Beverly came back to revisit his complain about the biomass property
which has a lot of trash in the form of plastic. Elissa will talk with NF Community Power to see if they can clean up that area."
Couldn't make it up eh?!!...
"Biomass plant—update: Approval was given for increasing the output to two megawatts (from one). There needs to be one more approval, before we proceed. On August 28, there will be an escrow closing for the full financing of the plant."
Anyone make out what 'escrow closing' means?...release of money that was may be held in escrow, pending decision(s)?
King5hott, I'd cut him some slack had Phoenix been the ONLY contract and the reason for the delays are in public domain....albeit, we had to fish for the info. But to go on and state 'number' of opportunities and then go silent??..
Sorry to wreck your day mate. Have a beer!
I urge everyone to re-read the (business update) RNS of 9th April.
Looking at the SP, you wouldn't think we were talking about the same company.
The final para in that RNS:
Ian Price, Chief Executive Officer of EQTEC, commented:
"We are delighted with the significant progress being made in advancing towards final contract stage on a number of opportunities. We are very pleased with the increased international interest in EGT. EQTEC's aim is to build a growing, cash generative business and we continue to review additional near term opportunities, where we see potential to add considerable value to our shareholders."
FINAL CONTRACT STAGE ON A NUMBER OF OPPORTUNITIES