it wont solve the problem ......so its just a side-show! 1. if a...

it wont solve the problem ......so its just a side-show!

1. if a major shareholder, that supported the last cap raise - elected to vote "no" - then FAR would be insolvent.
2. major shareholders understand ALL this - and would want to maximise any remaining value ........
3. the FPSO has been brought by the JV - when does it have to be paid for ?

so - management can try and "drag-out" the process .......basically the cash in the parent will end up in JV accounts to pay for what has already been ordered ........this means a ticking clock

management CAN NOT preserve value in the current "vehicle" b/c its not funded ......

the only remaining option is to "merge" with an entity that wants this risk-reward play, and has the ability to fund.

the statements in the AR "consider non-payment" kinda highlights non-preservation of value" and more abt preservation of job.............

hopefully, for all holders - management act rationally .................its probably a big ask......

equally obvious - you are not going to get anywhere near full value in the current environment .....

2-3c would be "full" ......

does grant any acquirer a call option over OP ....

rgds
V_H