I especially noticed the language in the Leo placement agreement: “cannot generally”. From someone who has read or had input into a lot of these sorts of documents, the “generally” qualifier stood out to me as irregular:
This to my mind leaves the door wide open to a clever manoeuvre where the ultimate result is control (immediate or pending) of FFX which holds a big whack of escrowed shares.
FIRB remains a consideration of course, whether it’s Ganfeng or a friendly offsider, but any deal for a foreign buyer to put FFX out of its misery will be waved through imo, especially given its assets including Leo and it’s operations at present are essentially not Australian-based. Fascinating times.
