Ann: Extension of Share Purchase Plan Closing Dat, page-36

re: Ann: Extension of Share Purchase Plan Clo... In the quartely report out today, a few interesting bits including:

"During the quarter, Raisama continued to progress the Cadlao Redevelopment Project towards its Final Investment Decision (FID). Important milestones achieved during this time included:

? Environmental Impact Assessment report for the project was submitted to the DOE for approval 10th February 2012.

? SEP clearance was approved 17th February, 2012.

? Progression of the USD 30 million project debt facility arranged through, Philippines based, Legavi Holdings Inc.

Additionally, final farm-in documentation for SC6B Bonita has been submitted to the Philippines Department of Energy for approval."

Also in relation to the SPP...

"The Underwriter has today advised that it has terminated the Underwriting Agreement due to a termination event occurring."
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This seems entirely unclear to me, but the wording 'progressing' doesn't fill me with condidence about the financing. Also looks like the underwriter pulled the chord and got out of underwriting the SPP! I'm wondering what the 'termination event' might have been.

Would be keen to hear what others thought of this...or if I am reading too much into things now.

Anyway, I'm no expert. DYOR.