Cath Norman @ SMC, page-137

I take a more circumspect view Mike. The Arbitrators haven't yet given a green light to proceed with the case. Assuming they do sometime in the next month or so then it is not an open and shut case and the final outcome is therefore not a fait-acompli because even FAR expect it will take 12 months for the Arbitrators to work through.

A change of control in a holding company within the JV is not a problem - the JOA is written to handle that specific situation. The problem FAR has is that they consistently claim - the notice given to them informing them of their rights to pre-empt did not legally comply with the JOA terms. This is more of a technical compliance issue rather than a denial of PE rights as such.

In the back of my mind I think that the possibility exists that the long delay to finally move to Arbitration could be a very clever, simple and completely legal method to drag out the situation as long as possible. If they can delay development that may eventually extract additional value for shareholders in the way of a cash offer conditional on FAR waiving rights to pursue PE rights further (and potentially delay development). If that is the case FAR will be in no rush to expedite the Arbitration......

Lets see where this leads.