Ann: Update on Major Projects, page-21

There will probably be another ewi convert for approval at the agm. Size will depend on feedback financiers give them as part of the proposed bond issue in Philippines.

If more equity is needed than ewi can provide then there could be a rights issue or placement.

Will also depend on sengkang timing. It's clear at this point that this is a second half 2016 story ...if it makes it to production at all. Judging by the recent photo progress and the wilful attempts by management to mislead the market this project looks off the rails and has been put on go slow by management while Philippines is being accelerated.