Cant see anywhere that the SPP is "conditional" upon anything???? Unlike the placement which is conditional on receipt of the RBL SEnior Debt Term Sheet.
So as the loans are not sorted as of the close of the SPP you would have to expect it wlll be way undersubscribed. Shareholders are taking the risk that all will be well with financing whereas the placements ARE NOT.
Not a great otcome IMHO. Disappointing to have this uncertainty at this late stage.
H
SPP Ambiguity requires urgent clarification by FAR Management, page-139
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