So NMDC haven’t considered giving approval at this stage, but it...

So NMDC haven’t considered giving approval at this stage, but it doesn’t mean they won’t.
We all need to consider the change of a number of directors at NMDC, the finance director for example has only been in the seat since November and has presided over a few important initiatives in that time. The share buy back for one and also the largest dividend by any PSU to date was announced this week. Put in context our little RnD collaborative deal whilst large and significant to us is not anywhere in the same realm to them, so there is now extra time required until this is closed out. As long as the answer doesn’t come back as a negative, then the pathway is always forward which is positive. What we all need to be mindful of is the end result, yes we would all like this done yesterday for the certainty of it all but most important is that the deal actually gets done. Walking away is not an option and the timing is and has always been totally out of ECTs control.
Make no mistake, everyone is disappointed including NLCIL I would suggest.


I’d like to get this point across as well, all the information ECT provides would be in consultation with employees at NMDC and NLCIL, they read announcements and see that we have noted it in those announcements which one would hope applies a little bit of pressure back in their direction, this has obviously not been the case unfortunately. But at the end of the day if they don’t follow through with what they have implied it shouldn’t be considered a failure on ECTs part as ECT can not control any part of this current board approval process. Anyone that believes otherwise is just kidding themselves, we are extremely fortunate to have 2 companies of this size and caliber entering into this agreement with us, and it will happen when they are good and ready.

The end result will be the same and well worth the wait.