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17:51
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Originally posted by zog
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My view is that whilst GE assigned their 76% exclusively to SLX in the term sheet, they probably did not name a minimum price. If they did then they could lose out handsomely. if they didn't pre-agree a minimum price we could well find ourselves back at square one except for some dilution to SLX due to them keeping the project going when GE and GEH wanted out. I would hope that the term sheet would have clauses in it to ensure that SLX's roughly $10m risk investment over the last 2 years was adequately recompensed. If there was a minimum price we may well find GLE has new owners; however I guess GE could also have conditions in the term sheet which give them pre-emptive rights to buy back all or part of the term sheet holding at the same price offered by the new partners. SLX would normally expect to get adequately rewarded for their costs in peddling the term sheet to new partners and also the risk they took.
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Don't be surprised Zog, if the amount offered for a slice of GEH is substantial!
(20min delay)