Ann: AFC investment update, page-13

A summary of the conditions precedent for Tranche 2 in the announcement (below) discloses some information. The media release relating to the second dot point states ' Danakali will dispatch a Notice of Meeting to shareholders containing detailed information about the funding package and include an Independent Expert’s Report (IER)' determining if the funding package is 'fair and reasonable' or 'not fair and reasonable'. That does not suggest it is a way for AFC to reneg on the deal. What's the point of such a finding if there is no remedy stated.
Another aspect of the deal is ignored. AFC holds just under 14% of Danakali, but is required to hold >15% to have two directors. Will DNK disreguard the agreement on both counts? Who is going to pay more than 60 cents a share to get Seamus' 'better deal'. Has the IER been completed??

Tranche 2 is subject to the following conditions:
•Danakali shareholder approval(for the purposes of item 7, section 611 of the Corporations Act);

•the IER (Independent Experts Report) concluding that the issue of the Tranche 2 Subscription Shares is either (i) fair and reasonable,or (ii) not fair but reasonable;

•no indication being received from ASX that it will refuse to grant quotation of Shares issued under the Subscription Agreement or otherwise make quotation conditional;
•the Company having not used the Tranche 1 proceeds for any purpose other than agreed between Danakali and AFC;
•execution of senior debt documentation in relation to the Facility; and
•Tranche 1 completion having occurred