Extract from ASX releases (BOLD is my emphasis or comment)
Corporate Presentation 7 Feb 18
BFS to be completed early 2018.
23 April 18
Anticipated BFS will be completed in the June Quarter
BFS update 24 May 18
Debt Advisor appointed and debt financing plan in place.
and BFS is on track for completion by end of June
20.07.18 Quarterly Activities report
BFS nearing completion
Down payments made on select long lead items and cost effective pre development works activities commenced – please be transparent and tell us what has happened since?
Debt advisor and project financing strategy in place – discussions have commenced with potential financiers.
06 Aug 18B BFS released
Has confirmed the Projects robust forecast economics. Echo Board has approved Stage 1 of the BFS subject to obtaining suitable financing solutions and all required approvals – Iwould have thought appropriate financing is not a solution but a process to fund. WHAT Statutory approvals are they and havethey been submitted?
A formal Project financing process has commenced with a variety of potential funding solutions being evaluated.
Company Update 17 Sept 18
Echo has received a number of strong debt financing offers from a group of Tier 1 Banks.
The company in conjunction with its debt advisor PCF Capital Group will undertake a full assessment of offers received – due diligence over the next 3 months -THEY MUST BE JOKING.
Yandal Project Optimisation which is aligned to conclude ahead of the ongoing finance process (3months)
Bolitho – we look forward to the successful finalisation of debt financing in late 2018
Quarterly Activities Report 30 October 18
Formal financing process has commenced
ECHO Board has conditionally approved the development of Stage 1 of the Yandal Project subject to the optimised BFS (New condition not previously mentioned) obtaining a suitable financing solution (why is it asolution???) and all required statutory approvals ( what are they and why is it taking forever)
As part of the transition of the company into production the search for a MD and CFO is being undertaken as a priority (MD resigned as announced on 17 September 18, 7 weeks ago)
Notice of AGM 22 October 18
Resolution 4 – Approval of 10% Placement Facility
(Can you guess whatis going to happen after this affirmed)
Points to ponder
1. BFS very late and they had no idea about self-imposed time frames
2. The Funding process has been ongoing since 24 May 18 when a debt Advisor was appointed but they obviously need more time.
3. MD resigned on 17 September 18 and kind hearted Barry steps up to the plate and is being paid $2000 per day, it is not disclosed if that is for a 5 day week or 7 day week. If 5 days $10000 per week, if 7 days $14000 a week or $728,000 annualised (is he still getting his $60,000 Chairman fee)
4. Initially Stage 1 was approved subject to suitable financing solutions and all required approvals and now in the Quarterly Activities Report there is the addition of subject to Optimised BFS.
5. STILL no replacement for the MD after 7 weeks, why so long?
6. Will they commence Stage 1 without the appointment of a new MD
7. If Stage 1 is so robust with offers from lenders to finance the project then WHY the ongoing continuing delay and hurdles being erected.
When I analyse what is happening, many more questions arise, there is a complete lack of transparency, and no doubt generates concern from shareholders.
We strongly need a change of Board. I have voted NO to all resolutions.
NST must be the only one enjoying this
