Ann: Increased Financing Facilities for EVG's, page-7

re: Ann: Increased Financing Facilities for E... I too was disappointed to see the announcement today.

BJ had not responded to my e-mail after Plough found the statement in the recent prospectus.

However, despite this it is good to see that EVG can now get LL to commissioning without any further financing issues.

It would now appear that Mac Bank is financing the entire debt component of the project - no mention of a Dominican Bank... so was BJ also pushing the boat out here as well?

Re the Options; a couple of steadying points:

1) Both are at least not-in-the-money at present

2) If both tranches are exercised then this will mean an additional 35m shares on issue. Assume again that all the new options (15c Dec-11) are exercised too, then this would mean only a small dilution of 6% (35m/583m)

3) Both the 15c Dec-11 options and these Mac options (which would provide an additional $4.375m) would, along with LL cashflow mean no need for further dilution or financing to get the Ecuador project constructed.

Just my thoughts. It will be interesting to see what Mac Bank/ BJ negotiate on the hedging front.

Cheers
John