would it be fair to say that jh is more of a geologist and a visionary than a businessman?
as i understand it martin place securities put pxa together as a purpose-built entity designed to sell to potential jv partners.
if this is the case the terms of the jv agreement were already in place way before we inadvertently became involved with bg.
as we know qgc made the deliberate decision to buy pxa and become a jv partner originally, and indeed paid up all default monies owed by pxa, which was really only a vehicle. then bg took over qgc and the rest is history. it was a circumstance entirely overlooked by jh and mps i would think. jh would have been looking for a mid size partner at this stage of the game, before resources were actually proven up....
presumably the jv agreement used by mps would have been a fairly standard document as to exit clauses, time limits, defaults etc. would like to know more about these.
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