RE: Ruined Board11 Jan 2024 15:42
I suspect the delays are because all the bits are intertwined.
So, the bank won’t lend unless there’s a partner to bring their exposure down to 65%.
Calvalley probably won’t sign until they know the rest of the financing is secured.
The bank also won’t lend until the GSA is updated and signed.
This is dependent on Moroccan governmental approval.
The FID can’t happen until all this is in place.
This is not a Catch22, but a careful juggling act. I for one believe the BOD are doing well.
Everything they say they will do, they do, albeit often delayed.
My view is that a lot of these delays are out of the hands of Sound. The main one being getting time in a busy governmental schedule.
Obviously this view won’t suit the agendas of the bashers, buy heh ho, we’ll find out soon enough.
If I’m right, I’ll make money and move on.
If I’m wrong I’ll lose money and move on.