Ann: Shareholder Meeting Adjourned, page-25

This morning in response to a question, I believe Cath Norman clarified that the ‘long stop’ date on the ONGC proposal is BEFORE the long stop date on the WPL pre-emption proposal? Did I hear/interpret that correctly?

My concern is that should the ONGC proposal lapse, prior to WPL proposal, and WPL proposal remains conditional on waiver/acceptance of the confidential ‘3^rd party agreement’, presumably at WPLs discretion, we may see a scenario where the ONGC proposal is off the table, WPL are then free to withdraw/not proceed due existence of the 3^rd party agreement condition. FAR would then have no bidder, defaulting on the JV cash calls – leading to WPL effectively acquiring FARs JV interest for nil consideration. I can see why WPL may be incentivised to have this scenario play out.

Have I completely misread the facts on this – or is the above, theoretically at least, a possible outcome with the current agreements we have in place?