I also remember very well when the option agreement was entered and the situation at the time. Our BOD left it to the last minute to do anything or they would have probably lost the tenement. They should have been active much earlier. I don't believe that simply adding a reasonable termination clause would have caused an issue with WDS - pretty standard in any contract. What is not standard is an open-ended contract with no termination clause. In fact, that is pretty unheard of - WDS must have been pissing themselves laughing at PCL. Of course, there is an argument that WDS would push back on any clauses they diodn't like. That they did is only conjecture, however. I doubt they would have argued against a standard type of termination clause. This is very, very basic stuff and why i do not believe the current BOD have the corporate ability to take the company much further.
None of this explains why, when the JV option states that PCL will get the seismic license that they just ... what... forgot about it for over six months while the shareholders were screaming on here blaming WDS for the delay. There has never been any clarification from PCL about why it took so long. If it wasn't for the AGM we might still be waiting. Remember - jump on a plane about 2 weeks before the AGM and it was done. Wow - why not get on the plane earlier? PCL BOD have a lot to answer for, but I don't believe we will ever get explanation.
PCL Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
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