It is business, they can have it whatever way they want. Dont blame the player blame the system. COB signed the dotted exposing its shareholders and the risks and CONTRACT were clear as day in the prospectus. Regardless of hypothetical outlooks the shareprice is what matters.
"Loyal Shareholders"... Id suggest anything but that considering the cliff they've been pushed off.
BPL as company has relied on a contract and cash inflows that were commited to. This is a problem solely caused by COB.
BPL should not have to babysit COB through the entire process. COB have been given more than enough chances and if it is proved that they are spending without TJV committees authorisatIon they are in trouble.
COB is spending half it's money this quarter which puts them in a difficult position to perhaps alleviate BPLs financial pressure.
IMO COBs best outcome from this will be a 12M buyout by BPL and another party or if the risks are too high they may aswell forfeit the asset.
If you have a look at IPTs announcement you will see what happens when a party fails their obligations.
GLTAH
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