Clement sorry to say this has been discussed at length.
FAR have 3 options
1. Do nothing. Welcome WPL on board.
2. Preempt for their 10%, this is only possible if CNE preempt for their 25%
3. Preempt for the entire 35%
What they do with the % they get from PE is another story.
They could sell some/all, but that is not part of the preempt process
A poster on here who I trust implicitly has basically said that FAR are PE using private equity. I am taking it that its for the full 35% as that poster has said they don't believe CNE will preempt. IMO DYOR DB
Phillip's PE squared conundrum, page-3
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