I’d bet London to a Brick that the “preferred bidder” is seeking to raise finance on the strength of those gold assets and may not have much else in his kitbag, and as those assets have not been of much assistance to HEG in the past in raising finance the preferred bidder is probably having the same trouble. If I’m close to the mark then you are dead right that PUA should move on to the other bidder(s) before their offer(s) expire.
Polar Sapphire Non-Binding Term Sheet, page-101
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