RE: Overhang.... What Overhang13 Apr 2026 09:00
Tim Metcalf
Moving on to the Tulu Kapi funding package. Is the general meeting next week, the final step in closing things and the final trigger or are there other steps that remain outstanding?
Aristidis Anagnostaras-Adams
Founder, Executive Chairman & MD
I mean we're already in construction. We've already started. And so if some people did ask me and I answered [indiscernible] I'm about to answer now, last October, when the banks formally finally gave board approval, I thought it was done. This is done. It's not just a matter of working through the equity piece into the right shape. And that's what we focused on. If you ask our banking lawyers, we have this team of world-class banking lawyers. Once they're done, they'll say when you've got the last dollar from the banks in two years' time, it's completely done. But all the banking facility agreements have been signed, the -- after an approval by shareholders of the meeting next week, the equity will have been -- we'll have to settle in however many -- 48 hours, whatever it is. And it's tough and we've already started on the ground. We -- I knew it would be done. It would be done and it's being done and we're already on the ground building.
Tim Metcalf
Excellent. So am I right in thinking that the debt drawdowns can follow when appropriate, following the equity close?
Aristidis Anagnostaras-Adams
Founder, Executive Chairman & MD
The rule is that the equity has to get spent first with the exception of the, what do you call it, the government piece, which is sort of going on a program of spending, building some infrastructure. But probably around September, somewhere in there, it will be due to draw on the debt after having spent the equity.
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