I would disagree with the assessment of PDZ's local management.
One doesn't need to be Einstein to work out the game here with the Polish Govt and JWS likely pursuing similar objectives. PDZ are highly experienced in this and will no doubt have access to appropriate legal and corporate advisors in this process. PDZ's Chairman is Ian Middlemas, he is a smart and shrewd operator and will drive a hard bargain in any negotiations that are on foot and is certainly not afraid to take on the Polish Govt under international law to protect PDZ's excellent Polish coal assets.
PDZ will be aware at what point they need to pull which legal trigger, their announcements are carefully worded and considered.
Ann: Trading Halt, page-16
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