You keep missing the point. The existing JV agreement covers PE rights with the ability to escape PE for the existing JV holding companies.
As soon as anyone tries to set up a new "spin off" company then said company will have to re enter the JV.....and do you think they will allow the old PE clause?
Somehow I don't think so.
It puzzles me as to what the big shareholders see?
I guess if this lot manage to flog off 10% and can move forward with 5% they get to still suck on the teat and the SP might eventually get back to 3 or 4c. I cant see it with current oil and credit fragility though.
The game plan looks like continuing on with the pretence and spend out till September and hope for the best....maybe that's when Meridian and AG step up?
Pathetic, remorseless bunch of leaches.
Ann: Annual General Meeting Presentation, page-64
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