Ann: Company Update - Annual Report, page-4

its all laid out in the second supplementary prospectus, under watpac..

"(d) the acquisition of Wise’s interest in the Joint Venture on terms satisfactory to Watpac in its sole discretion;
(e) evidence to the satisfaction of Watpac that the current prepaid off-take funding will be refinanced;

Under the terms sheet, Watpac agrees it will not exercise any rights to recover the $13 million the subject of the proposed Promissory Note until all of the conditions have been satisfied or the terms sheet is terminated. The terms sheet will terminate if the conditions precedent are not satisfied by 31 December 2014."


so they need to re-finance the hideous pre-payment deal with Rizhao & get rid of WEG by Dec 31st 2014 for Watpac to waive calling in the $13M..

IMO, if they perform the above they'll go on, if not they'll fold.. not long to find out.