M in M, Here are the hard facts. 1. WPL cannot offer any more...

M in M,

Here are the hard facts.
1. WPL cannot offer any more money. What they offered is it, and the sale will only go thru ONLY if FAR and or CNE do not PE.
2. If only FAR wants it, then FAR has to match the WPL price and that's it, no more and it needs to take the lot, no partials.
3. If CNE wants in as well, then in round figures, FAR will get just under 10% of the whole pie and CNE just over 25% again of the whole pie. Then far will have then 25% of Senegal and CNE 65%.

Therefore for WPL to get the prize, and I think they are pretty desperate to do so ( you can read a lot of the discussion in WPL thread) they have to take out those involved in the PE.
This is why FAR is so valuable, cause even if WPL takes out CNE, FAR still can do it.

If WPL talks CNE out of PE, but not FAR, WPL could offer to TO FAR for say 1.1 bil (around 25c) and still have a very attractive buy as it would then have all of FAR's share.

How many would let it go for that. WPL is around 27.00. They could say give you 1 WPL share for every 100 FAR shares, which would be good for them and a bit more for FAR shares for us.

I'll be very very disappointed if FAR couldn't raise the money or white knight (unlikely) or decided not to go ahead with the PE (highly unlikely). This is a once a life time for FAR to do well and twice for me (I was in the HDR TO and can you believe Merrill Lynch was involved in that too!).

I've got my fingers and toes crossed and GLTA.

KKW