its not over yet, page-25

re: mehdiabad Hi Andrewe

Yes that is how I am reading the situation and the UCL announcement.

Because they have named no other parties, including MZC, it seems that they would be intending to continue with the MZC vehicle. However the notice they issued is just appalling - no explanation, no justifications etc as a result we don't know:
i. If they think it terminates UCL shareholding and notes converting to equity as well
ii. If they perhaps intend to appoint a contractor on behalf of MZC to run the project in which case, as shareholders, we would still benefit
iii. Or if they actually think this terminates the whole MZC arrangement and are mentally going with something else.

As I have said before it highlights their questionable competence.

It seems clear to me we are in the right - under Iranian law. Lets hope that justice prevails.