The MOU signed back in march stated;
Period is for 3 months.
All subsequent agreements are conditional to due diligence.
Formal docs & terms.
Subject to independent binding agreements.
Three months later the company announces ;
Due diligence has been completed (very significant)
The company is silent on the ‘terms being agreed’ ( a concern unless an oversight)
With deals such as these the process is;
Negotiate the terms (as they are critical to due diligence)
Conduct due diligence
Finalise the terms
Hand to the lawyers
So let’s be optimistic and assume the terms have been negotiated and agreed,.
I think it’s fair to assume that as one would not involve lawyers without the terms being agreed.
We are told due diligence has been completed, and you really can't complete due diligence without knowing the terms.
On that basis and unless either party have a hidden agenda the legal part should be fairly swift.
If there is no announcement with a material update in the next 2/3 weeks I would conclude that the MOU was a premature announcement with due diligence not complete and/or terms not agreed.
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