Ann: Trading Halt, page-34

Nired, there are many distinctions between TNG'sand ATC's  association with SMS and KfW. For a start SMS have been with the TIVAN process for over 7 years now and in 2016 were prepared to guarantee TIVAN hydro metallurgical process. Under the FEED EPC tender they will not only be offering up a fixed price global tender but will be guaranteeing all fasets of the construction process including constuction timetable. There are already two years of relations with KfW, SMS and TNG that we are aware of. Refinement is well advance and KfW invitation for finance DD was extended Q3 2017. This process is deceivingly well advanced. 

I'm not suggesting  this is any where close to a done deal or even involves some advancements with ECA or KfW but if you look at how and when SMS became involved with ATC there are many differences  not the least of which is the complete re vamp of ATCs  EPC  framework. 

This announcement with luck should give some insight into just where TNG is in the process and insticts say its ahead of public perception. 

I would really challenge any suggestion that the current SP reflects the actual stage of financial negotiations. I suspect if that was truely known we'd be multaples ahead of current SP.  Traditionally i get it wrong but we'll see soon enough.