Ann: FY16 R&D Update, page-13

The internal review was always going to support the original decision.
a CR is needed , as i don't believe CBA will agree to wait for Jaws or WE.
i mean why would they, they are not equity partners but debt holders. They assume more risk the longer they wait.
In fact why don't we have information from Mgt on what is CBA's position going forward.
I am concerned this is being hidden from SH's
Surely these discussions have been taking place the past month or so.
Instead what we got in today's ann was only half disclosure IMO.
and what about the balance sheet, surely this CBA liability must move from a contingent liability to an current liability which will destroy Stx''s cashflow forecast disclosures for the June Quarter.

Mgt need to get out on the front foot ahead of these genuine concerns.
Maybe they are waiting with hope that Jaws is going to produce something but this risky, particularly since it has been assumed anything good that might come from Jaws is at least 6 weeks away.

If they got educated people to pay 11.5c cents before , what has changed to the negative as to why they can't get the same people or others to pay 11.5c cents again ? Actually WE is more advanced now, so there should be an argument any CR should be done at above 11.5c cents.

Whatever is decided upon, it needs to be announced soon after the end of the March quarter, because once the Quarterly is published we will see the cash balance and forecast spending for the June quarter and this will highlight the real cash problem. IMO once it is published it will ring alarm bells for all the Creditors, CBA and Orica included. Its worrying stuff !!!