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31.0¢ salt lake potash limited

Ann: Appointment of Receivers and Managers, page-43

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JPGuru

4,660 Posts.

568

21/10/21

09:49

Post #: 56958813
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Originally posted by TerribleTadpole: ↑

That's an incredibly interesting point you raised! I had assumed that ownership passed to SO4 with the certificate of completion, which was issued back in June (ann 1-Jul-2021):

If that's wrong and the contractors still own the plant then that creates a difficulty for the creditors and Korda Mentha. It also puts the contractors in a position of potential power ahead of the other creditors. It's hard to know where that could end up. Korda Mentha control the land the plant is built on, and can legally prevent anybody from gaining access to it. The contractors could prevent Korda Mentha from executing any contract of sale or lease to a third party. It could end up in legal proceedings for years until the whole thing is a pile of rusted wreckage. Unlikely though. It's in everybody's interests to do a deal.

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Don't confuse with "Handover" and "Ownership", as until the invoices are paid the contractor/supplier retains right over the product... IMO.

"Handover" term used to say plant is ready for operation and SO4 operator can start using it.. nothing else... IMO.

SO4 Price at posting: 31.0¢ Sentiment: None Disclosure: Not Held
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0 Great analysis

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