Further to that, Cokal will not be able to sell coal using any other pricing formula which can be potentially better than the pricing formula locked in with ICT.
Call me a skeptic, but it seems ICT can permanently lock Cokal into one pricing formula while selling to their customers under a different more valuable pricing formula. Looking at the recent price discrepancy in indexes and across markets this differential could be extremely significant!
Wouldn't be at all hard to believe that this is precisely the plan and seems is just a further gouging by controlling parties!
The precise pricing mechanism needs to be disclosed in order to give sufficient information for shareholders to vote on this amendment.
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