You really should read the press release from WPL today.
Firstly, there is Nothing Illegal or Unethical for WPL to offer CNE finance at Mate's rate, just like they did for the Petrosen, and exclude FAR. And there is nothing FAR can do about it.
Secondly, WPL's gearing is at 14%. Cash is USD $4.9 B. They have plenty of room to take on more debts, if they wish.
And now, that they have deferred all other major projects, they have all the flexibility to acquire or finance, just about anything they want - including CNE's working interest in SNE.
https://hotcopper.com.au/posts/43724842/single
FAR, if they get finance (extremely doubtful in this environment), will be leveraged at around 500%.
WPL holds all the cards - and its a Royal Flush.
You really should read the press release from WPL today....
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