Ann: Trading Halt, page-161

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andyno3

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08/04/23

13:39

Post #: 67192056
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Originally posted by barneydigs: ↑

ok. So:

- the joint operating agreement (JOA) governs how decisions are made by the JV (things like when and where to drill and what JV money to invest)
- the JOA has no relevance what so ever to how NWE funds itself
- the JOA has no relevance what so ever with respect to whether MIN can lend money to its controlled entity (NWE)
- the JOA has no relevance to any decision that requires a shareholder vote. that would be on breach of the corporations act.
- Shareholders do not vote on day to day activities of the company.
- the 65% referred to in the JOA does not refer to percent vote of NWE shareholder needed for NWE to make a decision. It refers to 65% of the joint venture.
- the JOA requires 65% of the JV and a minimum of two parties to vote yes.
- MIN holds 80% of the JV. Always has and this has not changed. So any vote that they vote yes on will always beat the 65% requirement (because their single vote is worth 80%)
- previously NWE was protected somewhat by the need to two parties to vote yes. Now MIN control the board, NWE will always vote with MIN. No, the board does not need shareholder approval to make these votes.

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the joint venture parties must unanimously agree the establishment of a production venture and may also need to agree each party's share of net equity gas via a unitisation process (noting that the Lockyer discovery may extend across two permits with different equity interest percentages

NWE Price at posting: 6.0¢ Sentiment: Hold Disclosure: Held
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Ann: Trading Halt, page-161

Top Stories

Week 37 Wrap: HotCopper likes Cuban oil; markets shrug debate off for Putin; firebrand quant says social media a market threat

Enova Mining unveils "high-grade" REE drill hits at Coda North, Brazil

Antipa divests its Citadel interest to JV partner Rio for A$17M, refocuses on Minyari Dome

Metals Australia kicking off plant study at Lac Carheil; Canadian tariff tailwind potential

Olam Agri raises Namoi takeover offer to 75 cents a share and receives shareholder backing

Vulcan appoints investment bank and M&A veteran to board

Dale Gillham's weekly wrap: US fracking support boosts outlook for Australian gas stocks

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