Interesting - so is this a "ok guys let's see what the pricetag is in case you're not bothered to proceed with it"?
In that case I guess it plays out:
- Valuation is too much for CNNC - they drop the claim and the restructure proceeds
- Valuation is satisfactory to both parties and the sale proceeds
- Valuation is too low for PDN - they keep fighting the option in WA courts in which case;
- PDN wins and the restructure proceeds
- PDN fails and CNNC buys LHM leaving PDN in a potentially insolvent position (depending on price) or at the very least needing to do a serious renegotiation of the restructure.
Thoughts?
Ann: Paladin to Proceed with Potential Sale of Langer Heinrich, page-2
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