prospectus , page-45

Insaf,

What Humble said…

To which I would add that there is nothing in your post I agree with. I have experience in commercial negotiation. A useful exercise our negotiation teams sometimes undertook involved doing a role reversal. Imagine you are the other party and consider what requirements you would put in place. If you were GNR would you provide funding free of charge? Afterall, PLV has had $20m plus in a bank account earning 4% odd for the past 5 months and repayments to GNR are going to slow down going forward. If you were GNR would you just hand over $24m with no conditions on its use? If you were GNR, would you allow PLV to go and access additional finance without your knowledge and potential jeopardise repayment capacity to GNR? Role reversal allows you to see the deal from the other sides perspective and increases your capacity to allocate risk and reward depending upon which party can best mitigate the risk and according to who is commercially entitled to the reward. Unfortunately, these threads have deteriorated into conspiracy theory involving the big bad Chinese (Asians). Forget nationality. This is a commercial negotiation. End of story.

A far more productive use of time on these threads imo would be to discuss whether 9.2c is a fair price for additional equity. That would require an analysis of the impact of the JV on the PLV balance sheet. I would much prefer to see Buddy bringing his bean counting expertise into that discussion than continue with what we are currently doing. If someone wants to have a stab at the analysis, I will help out if I think you are off-track. You can make it as hard or as simple as you wish. I recommend you keep it simple. Adding bells and whistles will add little.

Cheers
Bleasby