FW,
I think the reason for the deal with AED being axed is because of AED's financiers rather than AED terminating the deal as a matter of its own discretion. Looking at the latest announcements by AED, the debt financing for the Longtom transaction was not assured. AED had probably advised its banks and financiers that Longtom would be online in July 2009 and that timeline was not met.
Have asked management to explain which conditions were not met for the AED transaction, will see what they have to say.
shrewd management, page-7
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