it is always darkest before the dawn, page-7

Rockist,

"To me it's more than a tad embarrassing that an ASX company has to rely on overseas funds to help raise that amount for supposedly good projects."

Yes it is embarrassing. There have been countless examples of Australian Investors simply not understanding a good idea or investment when it is presented to them. Look at the "Black Box" flight recorder. Australians were not interested in manufacturing them so David Warren went overseas and the rest it history.

"Who knows how much they'll put in and what price they'll charge, but they won't be cheap. PAX will need a significant SP kick after any PPA announcement in order to get an acceptable deal."

The SP is not an issue to the capital venturists. They are interested in ROE for their investments in Indonesia and do not have any stake in PAX. The JV partner I was talking about was for Penola. Yes, I agree that PAX is very vulnerable to takeover right now but not from the VCs as they are not geothermal experts but can see a good investment when they see one.

Your decision to invest or not is completely yours. No body should ever invest because of what someone else thinks but I will say, each crisis brings with it opportunity. Of course you could also follow Warren Buffet example of buying when everyone else is selling.