(Satire) Overnight, FAR Limited (ASX: FAR) received a...

(Satire)

Overnight, FAR Limited (ASX: FAR) received a conditional non-binding indicative proposal from Hotcopper user 'szaba_the_hut' one of the most profilic posters on FAR, to acquire 100% of the shares of FAR at A2.21c cash per share (“STH Proposal” 'szaba_the_hut' is headquartered in Australia. The STH Proposal values FAR at A$221 million. FAR cautions that the STH Proposal is not a legally binding offer, it is subject to targeted and timely Hotcopper due diligence on FAR, it is subject to final Hotcopper majority approval, and that there is no certainty that the STH Proposal will necessarily eventuate. Accordingly, care needs to be used in assessing the STH Proposal. 'szaba_the_hut' has stated that the price proposed by it represents a higher value for FAR shareholders than both the proposed sale of the RSSD project to Woodside Energy (Senegal) BV and the incomplete proposal from Remus Horizons PCC Limited and the non-binding offer from Lukoil. FAR has not received a binding offer from Remus or
Lukoil.

'szaba_the_hut' has stated that the STH Proposal will be funded from the sale of a combination of two of the following a kidney, wife or child and that any formal binding offer would not include any financing conditions provided the wife was part of the deal.

'szaba_the_hut' has stated that the STH proposal is conditional (amongst other things) on: - Obtaining minimum acceptances of 50.01% of shares and a FAR board recommendation (for what that is worth). 'szaba_the_hut' has stated that it does not
reckon it requires FIRB approval for the transaction and that it does not anticipate requiring any other regulatory approvals as a condition of the transaction but honestly has no idea. 'szaba_the_hut' has stated that it has a deep understanding of the RSSD Project as it has previously posted numerous times on Hotcopper and entered into (too) many disagreements with 'Davy Boy'.

In these circumstances, FAR has determined to postpone any shareholders meeting. This will enable FAR to clarify the status of the STH Proposal. FAR will advise the rescheduled date when it wants to, noting that the STH Proposal has only just been received. FAR will provide further information to shareholders prior to the shareholders meeting being held, and shareholders who have already voted will have the opportunity to change their vote if they wish. 'szaba_the_hut' has stated that it is open to providing unreasonable financing support to allow FAR to come out of default in relation to its RSSD Project cash call defaults once its proposal is unconditional subject to customary conditions being agreed.

As previously announced by FAR, FAR is in default with respect to its January 2021 cash call of US$19.9 million. FAR is also in default with respect to its February 2021 cash call of US$24 million. As previously announced by FAR, it has until mid July 2021 to remedy defaults or risk losing its interest in the RSSD Project. Lukoil has advised that it has funds which are readily available for deployment if its offer proceeds. 'szaba_the_hut' has stated that it recognises that its offer would need to be unconditional well in advance of the Woodside long-stop date for its sale (which as previously announced is early June 2021 or such later date as agreed).

FAR has appointed KKW to advise in relation to the STH Proposal