Yes I agree, PIC and Noble… also it removes the debt for the BEE partner. Ie they owe RES.
Noble have to accept in incoming offer, but I imagine their offtake and other only gets better. Also, it’s funny that we found ourselves not progression at the same time they publicly decided to divest? I guess that we’re taking advantage of their position as major shareholder- minority shareholder suppression!
RES is owed money from an insurance policy as well…
What I do not accept is that they can provide us a US$200M valuation based on sales in the region, at the time of financing… and I hope they don’t expect with 12 months and an increased coal price that they accept us to take anything less? Particularly as this is shovel ready, every box ticked.
Ie I was told by the CEO that we were one week from every CP being met… coincidentally that was the point IDC pulled out!!