Nothing argumentative at all. We all just raise views in attempt to unraffle (get behind) what might be going on. We don't know.
But see posts from 24232 and Bullant... there is very likely more to it than just the US$430.. .. the "sidedeal" many of us are guessing about... a sidedeal whereby COP allows WPL to get in at 430 but WPL "passing" off some "value asset" hidden away in a side deal.
If this is the case ( See COP comments that thay complied with JOA provisions while simultaneously honouring provsions of existing CA between WPL and COP.. clearly suggesting that there is "something else" involved)... it throws a lot of questions into the pool. ...
.... must the value of a sidedeal assets being "passed off" as part payment for the 35% now be added to the US$430?.. or.
....does the side deal fall away....if COP can not deliver the asset... (interesting words used by PC... almost makes me think there was indeed an "exchange" of assets... and that the $430 was to cloud everything else...and that WPL also had to "deliver an asset" as part of the deal??)... Can COP now be "forced" to allow FAR to pre-empt... thus only getting US$430 for a massive 35% stake.. and in the process lose the additional "asset" which it would have gained from PWL.... could well be and it would be one of the biggest, costly mistakes..
from WPL's perspective... and as stated by PC.... CPO chose certain way to "deliver the asset"..(hmm love that expression) but if deal falls over, well pick ourselves up and move on.??? ... I don't think for one moment WPL would have any right of recource against COP.. both may have "dirty hands" and WPL will walk away while COP made a massive costly mistake... that might be the price to pay in the end.... It could be that, if there was this "sidedeal'" ... COP and WPL may agree, for the sake of saving face and not to disclose anything further to public, to simply agree that the COP/WPL must fall over, COP cut their losses, WPL lose out ..Again!, and FAR be given new PE timeframe for the US$430... just so to let all this "go away as quickly and as quietly" as possible..
Don't know... all speculation...but there's been a lot to suggest that there is more to this than just a straight cut US$430 SPA.
FAR Price at posting:
7.3¢ Sentiment: Hold Disclosure: Held
(20min delay)