Whoops, it’s actually far worse than I first thought. I read it as WMC taking an equity stake (now) at $1.20. However this equity stake is part of the Conditional Framework Arrangement (CFA), and the CFA is subject to all those conditions, including WMC actually doing their due diligence (which hasn’t even happened yet – that shows you how useless these conditional/non-binding offtake actually are; companies agree to them before doing any DD… because if the counterparty (Lake, Vulcan etc) doesn’t deliver, the offtaker walks away scot-free).
So if/when all those conditions are met, WMC will then be able to take a 10% stake at $1.20. Could this actually end up capping the share price to some extent?
Ann: Strategic Investment and Offtake Agreement with WMC Energy, page-100
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