Challenge the Validity, page-2

Shareholders will never get to know whether the trigger option was valid because PDN did not have the money or time to endure the process and outcome of arbitration. The first standstill extended only to the end of June. CIC (which held a crucial proportion of the 2020 bonds) was not coming to the party on the first restructure proposal and EdF was flagging call in of $277M. As soon as PDN surrendered to the trigger option, it proposed a second restructure which would have paid out EdF. CIC and other bond holders were agreeable to a September standstill, yet EdF skittled any chance of this restructure succeeding by calling in $277M. You would think that CNNC should be back-billed for its share of operational costs since buying 25% of LHM. Failure to obtain a ruling on the validity of the trigger option and whether CNNC had exclusivity in buying out LHM, ruled out competition by others in bidding for LHM. LHM would be profitable for any company which already has long term contracts for sale of uranium that are above the cash costs of running LHM.