Whilst you are correct imo in your interpretation, I cannot understand how ASIC have allowed this release to go out worded as it is.
Those with any legal understanding will know that 'binding' should only be used if an offer has been made which is reasonably capable of acceptance. This should include the commercial (legal and financial) terms under which the 'offer' is made.
Whilst I may be reasonably sure this is being done in good faith between the parties, nothing can be constituted as 'binding' apart from the commitment to make an 'offer' and to include the word in this context could be considered misleading.
Ann: Galan Secures Glencore Agreement For Offtake & Financing, page-191
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