Ann: Project Funding Update, page-13

Hi Stupat
“What we are expecting and when”
What I (since 2009), and others, and the Board have been expecting and has been delivered are miles apart. But hopefully, there is light at the end of the tunnel......
I’ve extracted a line from a handful of announcements since 2015 and you’ll see why so many long termers are frustrated.....

December 2015 "with the objective of standing before you at the 2016 AGM
to report that we are funded"
February 2016 "The Company is confident that RMB and all members of the
debt club are committed to complete the funding process in the shortest time
possible"
June 2016 "The board remains confident that the Company is on
course to finalize the debt funding by September"
"In parallel with the proposed debt club
funding we are investigating a high level offer of funding received from a
source in the United States."
November 2016 "Our preferred project lenders are currently undergoing
their respective credit committee approval processes, which are expected to
be completed by February 2017"
March 2017 "We are more confident than ever that this orderly and
deliberate process will result in an announcement of a full funding
agreement for the project based on a new target date of mid-2017."
May 2017 "On this basis, we are confident that we will be in a
position to report to the lenders by end May 2017 that all material
contracts are sufficiently completed thereby enabling their credit approval
processes to take place during June/July 2017."
August 2017 "However, on 23rd August 2017 some members of the Debt
Club formally declined to proceed on that basis and required a greater
degree of certainty around the terms of supply to Eskom before proceeding to
secure credit approval for funding of the project"
"the Board believes that this source of
project finance is no longer viable"
November 2017 "Although the credit approval processes are on-going, at
this stage the Company is unable to forecast with any certainty when credit
approvals and a signed terms sheet will be obtained from all proposed
lenders, but a further announcement will be made when that occurs."

Cmon RES. It’s time