Timelines:
Just trying to get a few things straight in my brain here, so pitch in if you want.
-In the "Cooperation Agreement" it is outlined that 3P will have to complete its due diligence on the Shala project by no later than March 15, 2012.
-Per an Extension Agreement, they were granted until April 25th, 2012.
-The Master Acquisition Agreement is dated June 5th, 2012, and was supposed to be closed no later that June 15, 2012. However in the subsequent Q report, it is disclosed that in late July, both parties agreed to extend the closing to August 10, 2012, at which time 3P made its first payment on the insurance premium and the acquisition was finally completed.
-According to the Master Acquisition, within 6 weeks of the "Closing Date" (Originally June 15th) 3P has to mobilize an engineering team to Albania and begin "renting office space and starting operations."
They met this deadline on July 15 when Fortune and Star and other consortium friends traveled to Albania for a site visit.
-In the "Cooperation Agreement" an outline of the different stages of the projects is presented, in which "3P will develop the Projects in discrete stages in the following order"
7.1 Bankable Feasibility Study/Initial Financing Structure
7.2 Full Financing Structure Agreement
7.3 Full Development/Construction/Commissioning/Connect to Grid
7.4 Operation
7.1
Per the Co-op Agreement 3P has 44 weeks since the completion of the Due Diligence phase to complete stage 7.1. Assuming the DD phase was officially over on August 10th, 2012 when the Master was effective, that would mean at the LATEST, June 14, 2013 before 7.1 has to be completed.
IMO, I think we can assume that 7.1 is complete for a few reasons.
The last newsletter mentions that F&S had their completed analysis by Sept. 2012 and were looking to engage other engineering firms with experience relevant to the region.
-Enter Stucky (www.stucky.ch) and Illyrian Consulting (www.ice.al
Stucky completes the project appraisal report on in December 2012. And theoretically completed the EIA in March.
On top of all this, we have the Findings Summary dated 18th of March, from Avanntive (www.avanntive.al)
So, with all this, IMO 7.1 is in the bag. And hopefully we are trucking along through 7.2 of the project.
7.2
3P and Shala both agree that in case, for the execution of 7.2, equity options are available, a first option right will be given to each of them. This, as a few on the board have pointed out, is why we shouldn't get too excited about the 60 million that needs to come from "company shareholders". There is a good chance if these boys feel confident in what they are doing, they will be making up this part of the investment (or at least some of it)
-Both Parties understand that the project long term financing may take up to 12 months from the date of the "construction permit".
Does anyone have any idea what could be deemed the CONSTRUCTION PERMIT? Does anyone think we have that yet? This to me is where the timeline going forward gets a little fuzzy. It states that 3P will incur a fee of 2150 per month starting the third month from the date of the construction permit date, and ending upon the date construction starts on at least one of the 6 power plants As long as the fees are paid, there is no time limit on start of construction.
Do you guys think we have the construction permit yet? I don't think we did as of the last Q, because 3P is responsible for the fees and we would have seen them in the report?
7.2 is going to be the most critical stage. Once financing is in place, everything else forges on ahead.
After going through a lot of this, IMO the company is right on track with their deadlines and getting things rolling. I'm pretty damn satisfied actually. I mean think about it for a second.
Penny Co after Penny Co releases PRs with deadlines and time frames and everybody gets jacked up and then what happens? They miss them. 3P has had some internal deadlines recently that they have missed, but eventually MET, and we didn't even know!! Why? Because that sh*t wasn't important.
As for Seawind... I think we have left them in the dust. And it cost us some money too. $500,000 and a boatload of shares for the PAL projects, and not to mention the 40million shares for the "merger"...It would be great if 3P has somehow retrieved even half of those shares...but I have my doubts. I'm thinking the 10K in July should be interesting!!
And remember, when people are thinking this company is too quiet, it says they are to go about the 4 "stages" discretely :)
