Ann: Arbitration Update, page-71

There are two festive land-mines on the path to (glory-glory hallelujah) PE victory that we hope to avoid. Bell potter can pull out of the arrangement if the ASX300 index falls 10% from the level immediately prior to the cap raise. Separately they can also call it off if the banks computer says "no" with the message delivered in a novelty card that plays a tinny "deck the halls" when opened - but interestingly the date for bank credit approval may be extended by agreement with Bell Potter presumably if the banks computer is still doing its extended drum-roll sub-routine at the end of the year and has not yet spat out the punch card with the embossed "no" on it.



The arbitration risk was outlined in the December 12 presentation also



It would seem that in the days since the 12th the ICC court has notified participants that it has received the award from the tribunal for ratification and that a ratification meeting will occur sometime before the end of February 2020 but it seems there was not enough time to squeeze it into the calendar. FAR may be unsuccessful in its claims was the disclaimer phrase used on 12th December presentation.

Fast forward a few days and what is the language? There is no disclaimer used in the update that FAR may be unsuccessful in its claims but likewise there is no statement of victory....just statement of delay.

If we can avoid the land-mines and raise the capital then on to Chinese new year and PE victory!?