There is an agreement with specified goalposts - it is not simply a matter of PCL or anyone else offering WDS 36mil or even 360mil. There is a written agreement, and from what we know of the terms of that agreement WDS can take ten years if there is no seismic license granted. PCL seem to have no way of terminating the agreement. The only possible way for PCL to terminate the agreement with WDS that I can see, and I'm not a lawyer, is for NAMCOR to come out and say that they will not agree to the seismic license. PCL can then go to court and argue that the agreement is frustrated. Of course, this will probably take years and the license expired by then.
PCL lawyers and BOD should be dismissed for such a poor agreement with no set date - inexcusable. This is probably why we are not given many details about the agreement with WDS. Yes, PCL's back was against the wall when the agreement was made, but not setting an end date is basic and very hard to argue against. I think PCL BOD simply screwed it up very badly and won't admit it to the shareholders. *Definitely, something to ask at the AGM - is there a termination date and if not, why not. * Who has been held accountable for such a crap agreement? Answer = no one
PCL Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
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