Hi Justlocal I an also not a soicitor but this is my...

Hi Justlocal
I an also not a soicitor but this is my understanding based on what is know todate.

Basically the PE clause is imbedded in the JV agreement to allow a partner first right of first refusal, to match an offer should one partner decide to dispose of part or the whole of their holding in the JV.

The legal confidentiality clause referred to is imbedded in the WPL offer for the purchase of COP Senegal who own a 35% JV interest. To allow a partner to consider their PE rights the partner must be allowed access to all the pertinent detail relating to asset being sold in. Typical information would include debt, liabilities, balance sheet detail, contractual obligations etc ect pertinent COP Senegal. FAR claim they have has not been privy to this detail as COP have said it is confidential information. On that basis FAR have not been allowed their basic right to consider PE.

My point is if access to this essential information is not lifted the partners are unable to pre empt and therefore the deal as it stands should be declared null and void.