Ann: Trading Halt, page-236

I think you hit on a very big point here.
The BFS.

I've been speaking with many larger holders of MEP and ADN.
This is what I've heard.
ADN has 75% and total operation control in the JV and most of the leverage, if we want to call it that.
Except as a JV partner MEP has basic JV rights which weren't signed away.
One of them was to request that a BFS is done.

James did a interview about 12 months ago and briefly mentioned this for 20 seconds and was very diplomatic about it but, he may have been grinding his teeth-he did look a bit funny when and how he said it. You don't really need a BFS to get funding. They are normally only done on very leveraged and big projects. so the directors butts are covered.

The GW funding is a walk in the park and it's been suggested MEP used this card to slow things down as was their right in the agreement.
(Many to get a higher SP or try and get something.)
So, with-out the need for the BFS and 100% ownership, what happens?
I'd assume things move faster for ADN with the banks and maybe better terms?

I think you'll see the mention of BFS disappear going forward. It may not be sexy or a headliner but, I think it's something ADN is very happy about.

I'm loving this deal more and more for both sides every minute.

GLTAHs