WEG get to sell down their equity stake in PLV to a new funding partner and the new arrangement includes them getting back a previously lost % of Cockatoo island. WIN!
PLV pick up some funding which could be obtained via a third party financier with no % stake in the JV and we all go on our merry way. FAIL!
The only side that is getting a good deal in this scenario is WEG (IMO). I hope its better than this for PLV otherwise all the board should stand down as we are either getting sold porky pies on the robustness of the cockatoo project and its need for cash or no one has learnt from past mistakes in dealing with WEG.
God help us if this is the scenario that we are going to have to vote on AGAIN!
i would expect the announcement out today if it were to happen this week, but more likely another extention of the trading halt. I also expect that the 'secrecy' line is going to be pulled out again.
PLV Price at posting:
20.7¢ Sentiment: Hold Disclosure: Held
