Q10.7

Do bondholders benefit from any collective consent or veto rights on key matters (additional debt, changes to the master plan, asset disposals)?

Governance, Reporting, and Transparency 20/01/2026

No, bondholders do not have collective consent or veto rights over matters such as new debt, changes to the master plan, or asset disposals.

This is intentional:
The master plan is a long-term, highly regulated development framework that has already undergone a complex and costly approval process.
Any material change would require multiple government approvals, significant engineering rework, and extended delays—making such adjustments impractical and highly unlikely.

Furthermore, the financing structure protects bondholders through:
Over-collateralization;
A ring-fenced use of proceeds;

And a debt structure that ranks senior and secured, limiting operational risk exposure without requiring active bondholder governance.

Autres questions dans "Governance, Reporting, and Transparency"

Q10.1

What is the project's governance framework?

Q10.2

Will independent periodic reports be provided to investors?

Q10.3

Who are the main stakeholders and what are their roles?

Q10.4

Does Advanced act as a pure escrow agent, or does it have discretionary power to block or delay disbursements?

Q10.5

Will quarterly reports include: - remaining collateral value, - lots sold vs. unsold, - available cash, - outstanding senior debt, - updated downside scenarios

Q10.6

Who independently certifies the achievement of milestones, and how is independence ensured in practice?