Cappers, page-9

I would love to agree with you Tony.

Just not sure a tilt at FAR will solve PC's problems.

Firstly the idea that a FAR PE is going to deliver 50% to TOTAL with the Govt's blessing.
Notwithstanding if WPL was to make a move could flush out FAR's plan perhaps?

But secondly the discussion that I was having with Homeales over on Top Geo thread.
I know that you made the comment that he was not correct, and that FAR could PE for the whole 35% (CNE and Petrosen being out).
That is what I had been lead to believe by those here more skilled than me but I would like to see again the suggested clauses that make this the case, as opposed to Homeales clause 14.6 Change of control....

Homeales suggesting that COP only needed to make a Deemed Sale Offer pro rata.

FAR 15%
CNE 40%
Petrosen 10%

35 x 15/65 = 23% of COP's 35% equating to 23% of 35% = 8.05% of the JV

Point me to the likely clauses that says 14.6 is not the case?

In Homeales case, PE successful FAR gets another 8.05% of the JV for 98.9m having 23.05% in total for an extra 100m, bargin??
If this was the case this would not be a bad situation IMO as WPL would be left with only 26.95% of the JV.
In this situation WPL would not be satisfied and either want to sell out or increase their share.
So all 35% or Deemed pro rata offer in which case 23% of 35%?????????