wpl think we are over priced, page-39

My view is that the Senagal government agrees with FAR that COP hasn't followed the correct procedures to start the PE timetable.

That's the only way FAR could even mention Senagal government wanting a quick resolution of the issue.

In which case it doesn't matter what COP or WPL lawyers think they right, the government agreed with FAR and the government has the right of veto on any change in JV ownership.

In which case expect COP and WPL to stop posturing/grandstanding and re issue the PE using the correct method.

Now the only reason FAR didn't just roll over and allow WPL to get a great SNE deal is that FAR must have a method to pay the USD 430 million.

Paying the USD 430 million by way of a sugar daddy such as Total etal.

Or a FAR method which can't be by issuing shares

Hopefully not a convertible bond.

My best solution is

A four year zero interest bond, that upon maturity yields a 10% return which then rolls into a normal fixed interest bond yielding say Libor plus 3.5%.