I agree with Stemmo for some part. As Stemmo pointed out, the data room is open and I am sure ADN will be speaking with these guys and if there are any shortcomings these guys will be telling ADN what they need as a minimum before they will sign off on debt.
It is clear that ADN has had some input to Iberoclays LOI, given the payment structure. I also see that ADN has probably said something along the lines off, at this stage given our output is 50tpa for stage 1a, then 15k-2k is all we can look to provide at this stage.
With a LOI, it can be binding if stated so in the LOI, this is where the data room guys will likely have said, if you (ADN) are not prepared to sign a BOA yet, then we will only accept a LOI if it is binding on Iberoclays part.
I agree with Stemmo for some part. As Stemmo pointed out, the...
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