Ann: FAR signs RSSD Project sale contract with Woodside, page-87

The FAR MOU with Glencore was announced on Jan 22nd when Brent was trading at US $63/bbl. The announcement mentions nothing about hedging so I do not see an issue. The MOU locks the holder of the 13.67% equity to sell all their oil to Glencore. WPL have PE the ONGC sale and I would suspect they PE on the same terms as ONGC which would include the MOU with Glencore, if that is truly the 3rd party commercial in confidence contract being mentioned. As far as I can see we have the speculation army on the march again.

As for the vote, well I will also be voting NO. No way this mob get US $130M and go on as if nothing has happened. I agree that this mob should have been doing more whilst they sat on their arses doing two fifts of F___ K all and collecting a salary that would have 99% of ASX AUD $100M market cap company management and directors in awe. Gives a new meaning to the term "Gravy Train". Have the FAR board and management have no shame? They obviously have no pride and care little of what others think of them and their reputations!

I find it absolutely incredulous that they have not been able to get access to capital or talk up a merger with another ASX company. The best thing this mob can do is postpone the meeting and pursue the senior debt. I am sure if they are able to lock in the US $300M senior debt subject to a US $100M capital raising, they will get the money. The only reason for them not being able to achieve this would be because of their garbage reputations. If that's the case, the major shareholders need to grow a set and roll the lot of them at a special general meeting.

At the moment we are selling an asset for US $45M cash plus contingencies of a further possible US $55M in 2027. So US $100M total plus the US $82M in capex costs. A far cry from the recent broker valuation of FAR at 5.7c The PE deal goes through FAR may trade at 1.5c depending on the stampede for the exit doors. The Remus offer values FAR at 2.1c and should it go unconditional then you would have to think 3c is possible.

The large shareholders if they have half a brain and to date going by their actions I have to question whether they have, would have to be totally brain dead if they did not push FAR management to postpone the meeting or if they allow the meeting to continue use the meeting to vote down the PE sale and call another meeting to roll the CEO and board.