Cogent points Tony, and (unfortunately) I have to agree.
From my perspective MEP’s announcement has done little other than to fuel speculation about potential differing views between the joint venture partners about their rights, entitlements and obligations.
I have posted a number of times on this topic within the forum, including here:
Where I said, among other matters - specifically about HPA activities:
“... some shareholders may continue to feel some level of discomfort about the matter. The reason that greater clarity is likely to be important to some shareholders is because we all have capital at stake in ADN (and / or MEP) to lesser and greater degrees, and seek reassurance that the HPA matter will not give rise to some form of dispute between the JV partners in the future, claims for account of profits, etc etc.”
And in an earlier post:
”The reason this is a niggling issue for me is because - my gut-feeling is that it would be rather "surprising" if a joint venture arrangement conceived as an HPA project would permit ADN to use the product and knowledge it has leveraged off that joint venture to then set up an HPA business in its sole right for its sole profit (whether by processing feedstock using its own plant or, alternatively, supplying feedstock to an HPA producer) unless: (a) the terms of the JV agreement expressly permitted that or there were no express restrictions on the same (personally I struggle to believe that HPA is not mentioned at all in the joint venture agreement document); and / or (b) the joint venture partners have already discussed and reached a separate commercial agreement / understanding as to the matter and what their arrangements will be once production is underway. I would be concerned if neither (a) nor (b) applied because those conditions may provide fertile ground for some form of commercial dispute in the future.”
On one view, MEP’s announcement extends the potential issue more broadly than simply HPA.
I am certainly glad that ADN have brought on board a legal heavy-weight with Melissa Holzberger; I suspect she may prove to be instrumental in navigating any complexities arising from the ongoing joint venture relationship and bringing clarity / accord where it may currently be lacking (about which we can only speculate). Ultimately this could only benefit ADN and MEP shareholders alike as the Great White project is brought online and into production - with all of its outstanding promise for the future.
(20min delay)