Sorry chaps but I find it very hard to believe that the LoC won't be 'activated' (as you describe it) until the last minute. Surely there are only two possible scenarios regarding the LoC:
1) LCY don't want suitors such as HAW to know they have this amount of available credit in case it hampers their bargaining power in negotiations (ie increased valuations) - in which case why have they announced the LoC at all?
or
2) They want to get all of their ducks in a row so that when a good opportunity comes along they are ready to nail it and the credit is immediately available and ready to go. In which case why not simply confirm the LoC.
This half way house makes very little sense to me and achieves none of the benefits of either of the above strategies.
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