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clock Created with Sketch. 23/02/21
14:27
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Originally posted by SteveSage:
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Per prospectus in Dec2017In 1989 Terry and Susanne negotiated the right to import and distribute Cooper branded tyres in Australia. In 1998 thatrelationship became the subject matter of a written exclusive importing and distribution agreement. That Agreement now formsthe basis of the present Agreement described in Section 9.3 of this Prospectus. The next renewal date for the Agreementis 14 September, 2022 at which time the agreement will automatically renew for an additional five years (until 2027) unless,at least 30 days prior to its expiration, the parties mutually agree to its termination. Unless terminated earlier in accordance with the Cooper Tire Distributor Agreement, the term of the Cooper Tire DistributorAgreement is five years from 14 September 2017. Thereafter the Cooper Tire Distributor Agreement will be automaticallyrenewed for an additional five year period unless, at least 30 days prior to its expiration, the parties mutually agree to itstermination. If the parties are unable to agree on minimum purchase quantities for the renewal period, the minimum purchasequantity for the first year of the renewal period will be the target volume for the current year plus 3.5%. In the last year of theadditional five year period the parties will negotiate with each other in good faith to extend the tenure of a supplier distributorrelationship without being under any obligation to reach an agreement to extend the tenure.
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so on the 1H21 presentation it looks like mgmt have confirmed what I picked up from the prospectus and my reading of the contract....i.e. it will continue on to 2027 unless both parties terminate
(20min delay)