We don't know what was on the A4 page that FAR got?
I suspect it was very little.
If it was an offer to buy the Company, "sight unseen", COP Senegal BV, it would fit with Cath's comment " who would buy a company without seeing inside it", the books whatever.
If it was then Cath is right of course, nobody in there right mind would do so.
Remember the price included the liabilities. And you don't get to see what they are. They could be anything.
Secondly of course, that is not what PE is about, PE is only about uplifting the "asset". Not the company.
You may well be right that at the time FAR was caught off guard and was not in a position to PE, but that is irrelevant, the point is they were not given the opportunity to. I believe that aspect is irrelevant history now.
You could also well be right that COP just wanted the money desperately and this was easiest way! Get the money and we will sort out the ensuring mess latter, or thinking that FAR would just roll over and accept it.
Well there is a mess to sort out.
Notwithstanding don't really buy that.
Again though, interesting, as to COP's motives.
FAR Price at posting:
7.6¢ Sentiment: None Disclosure: Held
(20min delay)