I think the prima facie case is that the JV partners could individually pre empt the sale.
It doesn't say anything about being able to PE on a pro rata basis.
In the simplest terms these PE rights say either of the JV partners can match the sale price.
But maybe you are right.
I am just reading it as I see it.
Could CNE, FAR & Petrosen join forces to take the stake back?
Is this a question FAR could answer?
Are they contemplating PE the entire 35% or just a %
Morgans suggested in their upgrade that WPL would not be content with a mere 35%
I agree with that assessment.
As Serifino suggested in an earlier post, the operator makes money for 40 years on top of the oil profits.
Win/win for WPL or whoever ends up with 50%
Cappers, page-10
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