Department of Climate, Energy and the Environment

(1) Not reverting to … or any other external financial expert to carry out an updated financial capability assessment based on the additional information provided by the Applicants; (2) Determining that the Loan Note did not satisfy the requirements under the Guidance and that ….. had not provided certainty of financial resources; (3) Determining that the potential additional raising ………. of debt being proposed by the Loan Note was insufficient to strengthen the balance sheet to the level required to meet the investment cover ratio of ……..: and (4) Determining that “The vagueness of this condition (being a reference to what the Financial Advisor calls the condition precedent of “due diligence” which the Financial Advisors asserts that the convertible loan note instrument which …….. is unusual and results in an uncertainty as to the ability of the Applicants to comply with the conditions precedent required to drawdown the funding”. We also request any findings on any material issues of fact made by the Financial Advisor for the purposes of the said decisions.