While I agree it will be interesting, equity does not give any...

While I agree it will be interesting, equity does not give any financier control of the assets if it doesn’t work out. Security over the assets does.

Right now MNS have a bunch of kit and require additional kit to set up their facility. I anticipate most of the additional kit will be financed via asset financing with their partners in the project. The partnerships I’m referring to are those announced to the market.

What they will require is working capital, which is generally financed via cash flow or secured by collateral and guarantees. As iM3 have some assets, I imagine a financier will have security over the company, but they may also require additional security.

Very interested to see how this takes shape and who will be the parties to the term sheet.

Good luck to all holders.