Ann: Trading Halt, page-20

Reply from Simon Kidston about my e-mail:

I understand, the timing and pricing is regrettable. The background is we pushed very hard to finalise the key contracts and lending documents prior to Christmas , but unfortunately we were not able to finalise them until very recently. In the meantime, the bond rate / interest rates have increased sharply . By way of example, in early December, the rate to hedge our debt for 10 years was 4.1%. Today the same 10 year hedge is 4.7%. The impact is less project debt which means more equity. We aim for Financial Close (the time we draw on the debt and hedge the rates) late next week . However, on a positive note, work has commenced on site and so there is no delay to our construction timetable

regards

Simon Kidston | Executive Director