SZH I understand FAR could not determine from the information...

SZH I understand FAR could not determine from the information COP provided whether the company WPL bought had any attaching liabilities. Hence they couldn't determine whether the purchase of SNE was cheap or expensive.

FAR have said they did not oppose the sale by COP as such, as long as the sale reflected true value which is visible to the market, and that if it did not reflect true value then the purpose of the pre-emptive rights was for other JV partners to be able to protect the value of their prior investments in the asset. If COP had given FAR the required information FAR would have been able to determine if they should protect the value of their prior investments by exercising pre-emption, or let the sale to WPL proceed. AS COP it seems were hell bent on selling the SNE asset before their December 31st annual report close off, they didn't respond appropriately in FAR's opinion.

It may be that the company sold by COP had attaching liabilities, and that the SNE portion did have a proper value placed upon it, and this needs to be disclosed.

The ICCC will consider these points and determine if an appropriate remedy is required, if any.

IMO and DYOR.