Ann: Financing Update, page-39

I think there is a lot more to this story than we currently know, and its to do with PE. Have to hand it to WPL for the way they have let it play out, maybe FAR thought they had WPL over a barrel and believed they could get a settlement from WPL before the arbitrator handed out the award. Wasn't it a week before the 4/12/2019 which is when the PSC was to expire one of the JV partners hadn't agreed i.e. obstructing the project to the point that the JV may have been kicked out? Have FAR put all their eggs in the PE settlement basket and once it was clear that WPL was willing to make FID FAR had to change tack and could not sort out the loans in time?

The fact that WPL have taken FID on behalf of the JV is a positive as there is no backing out by WPL in any way, so in the unlikely outcome that FAR now win arbitration the only option is for WPL to payout FAR because WPL are legally bound to pay for the contracts signed even though they don't hold the 35%. But as stated previously if WPL loose arbitration they may simply give FAR 30 days to come up with the cash which we all know they cant do.

WPL is the only hope for FAR in that once the PE saga is over WPL may buy an interest from FAR or as it did with the government provide finance for the project that FAR has not secured

I believed that taking on arbitration was the right decision at the time but the drawn nature has worked against FAR and it should have been sort long ago. With hindsight arbitration has worked against FAR

With the issue Ann today I would have expected a bigger dump than 9m shares and a lower price

Every day I'm breathing is a good day, just have to work harder at my three family business while on holidays somewhere

Zip