I see the change as pure takeover defence, nothing to do with JVs.
The Great White (nee Carey's Well) project is too nimble to warrant an additional JV partner. CAPEX is very low relative to current market cap. ADN together with MEP will be comfortably able to get this up and running.
The only area where we may see some form of additional JV is for HPA. Understanding is that it will be an alliance/collaboration of some form.
ADN Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
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