DB,COP's lawyer's fully worked out the strategy of the sale...

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Kimbo24

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05/05/19

21:38

Post #: 38419030
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Originally posted by Davy Boy: ↑

All perfectly possible/probable. COP were clearly under the pump.
We have no clue if they even opened the data room to bids? They may well have tapped WPL on the shoulder as they were in a JV elsewhere. We will never know.
Did COP ignore FAR because they attributed some value to the BV and less to the asset and would have looked like a bunch of numpties if found out?
The thing I have never understood, and I think FAR management are the same, is why COP completely stonewalled FAR.
I think FAR have been very wise not to seek arbitration of a compensation/award kind. From what I understand, the seeking relief was actually bought about by COP itself when they shifted to the WPL line of no PE rights in this case rather than the compliance of the PE notice itself.

The staggering thing to me is COP issued a PE notice.......WPL ,who would have had their legal team look at all this, formed a completely opposing view about PE rights.
COP now seem to say PE rights don't exist [ the reason for relief not the PE notice compliance ] but Coleman now says they do??
COP changed the language in their SEC filings also....WPL granted an arette the day after FAR filed for arbitration. WPL have never used the word approved and FAR have stated via the asx that approval has not been granted. I think the WPL legal team would have had a field day with FAR if that was inaccurate.

You maybe right about July....I wont hold my breath, but, If the decision is as simple as Yes or no to PE rights it could be relatively quick??
I personally think if WPL were going to take a tilt at FAR they would have done it straight after Samo with a CR coming and the sp smashed.......plenty are ready to leave the building.
I think the reason it hasn't happened is mainly because if FAR have a backer they will have made certain assurances to them in regards the 35% and I'd bet that includes selling it to them in the event of a win. Aimo DB

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DB,
COP's lawyer's fully worked out the strategy of the sale structure using all clauses, in all associated JV documents and Senegal Law, long before Far got served notice of proposed sale.
The JOA clearly states that COP had to offer other JV Partners the right to pre- empty the sale.
So why is it such a surprise that they did? even though their real legal argument is really not about the right to pre-empt.
I said a long time ago,all Far had to say was yes we will buy, inside the 30 days.

Kimbo67

Last edited by Kimbo24: 05/05/19

FAR Price at posting: 5.7¢ Sentiment: Sell Disclosure: Not Held
1 Upvote

0 Great analysis

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Last 52.0¢		Change 0.000(0.00%)		Mkt cap ! $48.05M

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DB,COP's lawyer's fully worked out the strategy of the sale...

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