WAF 1.52% $1.50 west african resources limited

WAF valuation, page-96

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    The offtake agreement puts a further "hammerlock" on this company, with the tentacles of the Giant vampire Squid encircling further the present and future of this company.  Why would management agree to such an onerous "mortgage" on the already large ownership stake of GS, JPM, HSBC, etc.?  Doesn't this effectively eliminate speculative value of WAF?   Thanks in advance for any insight.

 
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$1.50
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