That's not funny!

ed balls thought it was :-)

:-)

Lol!

Q4 Progress Update

§ The stage 2 financing is making progress towards obtaining commitments from lenders

§ Significant construction progress during the period

§ Procurement completed for the major construction packages to support stage 2 financing

§ Completion of the Cibra strategic investment

§ The Company remains on track to achieve first polyhalite and commercial production on time and in line with the cost schedule announced on 6 September 2018

Stage 2 financing

The Company is making progress with the US$3.0 billion (£2.4 billion) debt component of the stage 2 financing.

The Company has been engaging with prospective lenders throughout the process and has revised certain aspects of our proposed US$3.0 billion stage 2 senior debt financing to modify the credit risk allocation amongst the various prospective lenders. The original structure contemplated two equal tranches of debt, one commercial bank tranche and one IPA guaranteed tranche, which would be drawn on a broadly pro-rata basis and also rank senior secure, pari passu. Our new structure contemplates three tranches of debt, totalling US$3 billion in aggregate, that will rank senior secure, pari passu, but will be drawn sequentially linked to key construction milestones. The first tranche will be an uncovered debt capital markets tranche, the second a commercial bank tranche, followed by the third being the IPA guaranteed bond tranche. This structure is designed to reduce both the risk and the quantum of any IPA guaranteed bond tranche to the taxpayer as by this time we will be past the major construction risks and POLY4 sales underway.

A group of lenders and the IPA will be working closely with the Company and the lenders' advisors to work through the due diligence reports and the detailed terms and conditions of the structure and the financing. The Company is working towards having agreed commitment letters as soon as possible.

Due diligence reports have been prepared by the lenders' advisors and the Company is engaging with prospective lenders and their consultants to address the due diligence matters that have been highlighted. The Company believes that the due diligence undertaken by the lenders' advisors supports the Company's Project cost estimates announced on 6 September 2018.

The Company is confident of being able to address the due diligence items highlighted by the respective consultant reports through negotiation of the detailed terms of the finance documents.

In relation to the additional capital the Project requires, the Company continues to progress all options previously outlined with a view to securing the additional capital in a manner which complements the senior debt financing and meets the liquidity requirements of the Project.

The Company's cash balance as at 31 December was £290 million, of which £230 million is unrestricted, which provides sufficient liquidity to fund project progress in line with the current Project schedule into the second quarter of 2019.

more.....

Judging by the fall in price, it certainly has not impressed investors>

SXX mentioned in Parliament again today, Philip Hammond repeated that the Government are in dialogue with the company but due to commercial sensitivity no details would be given.

Sounds promising.