Ann: Further Details behind trading halt request , page-6

re: Ann: Further Details behind trading halt ... Yeh i believe its so that if hastie don't complete the job correctly they can use the performance gauarantee to get the job fixed correctly. This is one way to do it the other is via retentions. Where the builder holds the final 10% payment for a year or so but it mean hastie can't book the profit so performance guarantees are most like better.

The issue here I believe is Hastie cancelled the contract. Reguardless of the none payment. PG can be access by the builder via the banks. Obviously hastie is arguing the reason for the cancellation of contract is non-payment and that accessing the PG is not a valid claim. DBB know they have no hope of getting the money via the courts hence why their trying to pull a dodgy.

One of the Issue for me here is why is Hastie put up the full PG for a joint venture ? why are we on full hook for the contract and how many JV do Hastie have running that they are responsible for the Risk in the project.