C'mon FAR: time to challenge?., page-6

First 6 Last

Share
Profile

Follow
Davy Boy

17,315 Posts.

4546

26/02/17

12:27

Post #: 22911632
Share

Originally posted by Kfann ↑

Hi all,

Last November I enlightened (hah!) the PE debate by commenting on COP's 10-Q which stated they had made provisions and provided WPL with indemnities against any losses related to the sale.

Well.... I've just blown my eye balls out by reading their entire 10-K (annual accounts) which came out 3 weeks ago. (If you want to eagerly rush at reading the smallest legal font permissible by the SEC...be my guest).

I have been involved with SEC, ASX, AIM, and other jurisdictional filings in the past and I can assure you that the SEC ones are by far the most onerous (legally and otherwise) upon management. Every word, figure and potential omission is rigorously assessed through a reiterative qualitative and quantitative risk matrix. And then you sign a statement saying you are personally liable for the accuracy of that statement...D&O insurance doesn't cover omissions.

So my point is...they don't take a comment about provisions or indemnities out of a SEC filing unless they are highly confident those provisions or indemnities are either no longer material or likely.

But they have now. There are no longer any mentions of provisions or indemnities relating to the sale of the Senegal BV coy.

There is also no mention of any legal challenge or other actual or potential risks to completion of the sale; which they would have to disclose.

So it would appear that both COP and WPL are confident that the sale has been successful. But....

not "completed" (?)

This is now a bit of straw clutching. Page 92, Note 6 discusses asset disposals during the year. The language is interesting as they specifically state "...we completed the sale of..." for each asset but specifically omit this phrase for Senegal and just state "...we sold..." Hmmm.

I, like most on HC, am a real fan of this once-in-a-corporate-lifetime asset and hope that FAR can successfully establish and assert their pre-empt rights. I'm just not a fan of 'hope' and 'straw clutching' as foundations for sensible investment decisions.

CN has, rightly in my opinion, taken a non-public route to try to resolve this issue. She has had to be very mindful of the political sensitivities and the strategic end game. Simply put: a junior explorer whose value is less than a rounding error (and whose JV interest is not that material) doesn't immediately put on the gloves and come out swinging and shouting: threatening project instability within a nation's brightest economic hope. They would get smacked out of the ring...permanently. So no doubt CN and the team have been trying every other strategy: subtle...persuasive...direct but with sensitivity.

Yet there comes a point where these avenues become exhausted and the 'last resort' decision to put the gloves on comes nearer and nearer....

It maybe time to lodge the legal challenge?

Cheers,

Expand

@Kfann considering the above where does that leave WPL if indeed the gloves are pulled on?? If COP have removed any indemnity then it would appear as they no longer own COP BV that WPL would have to foot the bill?? How do you see it? DB

FAR Price at posting: 7.6¢ Sentiment: Buy Disclosure: Held
2 Upvote

0 Great analysis

Reply

Top Stories

HotCopper Highlights: RIP to Botanix (for now); Droneshield new ATH; Trigg mystery halt

AII

Inside the depths of Panasqueira: A legacy carved in rock

Week 28 Wrap: Tariff chaos back for some reason; CBA holds strong

Trump just dropped a 200% tariff bomb. Here's how to cash in

Listen: HotCopper Wire Podcast 017 – RBA holds the toppings

First 6 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

(20min delay)
Last 35.0¢		Change -0.005(1.41%)		Mkt cap ! $32.34M

Open	High	Low	Value	Volume
35.5¢	35.5¢	35.0¢	$4.551K	13.00K

Buyers (Bids)

No.	Vol.	Price($)
1	21186	35.0¢

Sellers (Offers)

Price($)	Vol.	No.
36.0¢	1577	1

View Market Depth

No.	Vol.	Price($)
1	21186	0.350
2	109230	0.345
2	55596	0.340
1	8000	0.330
1	100000	0.325

Price($)	Vol.	No.
0.360	1577	1
0.365	70000	1
0.385	4502	2
0.390	1191	1
0.400	9370	2

Last trade - 15.31pm 11/07/2025 (20 minute delay)

FAR (ASX) Chart

C'mon FAR: time to challenge?., page-6

HotCopper Highlights: RIP to Botanix (for now); Droneshield new ATH; Trigg mystery halt

Inside the depths of Panasqueira: A legacy carved in rock

Week 28 Wrap: Tariff chaos back for some reason; CBA holds strong

Trump just dropped a 200% tariff bomb. Here's how to cash in

Listen: HotCopper Wire Podcast 017 – RBA holds the toppings

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

C'mon FAR: time to challenge?., page-6

Top Stories

HotCopper Highlights: RIP to Botanix (for now); Droneshield new ATH; Trigg mystery halt

Inside the depths of Panasqueira: A legacy carved in rock

Week 28 Wrap: Tariff chaos back for some reason; CBA holds strong

Trump just dropped a 200% tariff bomb. Here's how to cash in

Listen: HotCopper Wire Podcast 017 – RBA holds the toppings

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News