Philippines power plant projects, page-8

Wake up from the fairies Oranje. Everything you say is always so sugar coated its sickening. None of what you just quoted is from a legitimate source and they could be fairies for all we know. The market is real and understands the following has not been achieved (on multiple occasions)...the problem is it is complex and this stuff drags out, but an update would be good (and a positive ann. even better!).

From 2015 HY (Feb 2015)

In addition to the funding already in place from our own equity and that of Standard Chartered Private Equity, the Development Bank of the Philippines (“DBP”) is acting as lead arranger and lender to our Power Plant project. Project Financing is well advanced and we envisage the conclusion of formal arrangements and subsequent drawdown of funds in the coming months.

From 2015 AR:

On 18 September 2015 the Company and Lenders entered into an Omnibus Agreement and related Security Agreement to finance the first phase of the Power Project Development for an amount of Php 6,750,000,000 (US$150 million equivalent). The funding under the loan will be made available from DBP, Landbank and Asia United Bank (AUB). Subject to satisfaction of conditions precedent (CPs), we anticipate drawdown of the loan by the end of October 2015/early November 2015.

From 2015 AGM:

BA stated draw down likely by end Dec 2015.

From 2016 HY:

On 18 September 2015 the Company and Lenders entered into an Omnibus Agreement and related Security Agreement to finance the first phase of the Power Project Development for an amount of Php 6,750,000,000 (US$150 million equivalent). The funding under the loan will be made available from DBP, Landbank and Asia United Bank (AUB). Subject to satisfaction of CPs, which we have been actively working to achieve, we now expect drawdown from the loan in March 2016.