Ann: Annual Report 2018, page-45

SBH

We have covered this ground so many times before.
My understanding is to PE isn’t to buy the holding company on the same terms.
It is to buy the JV assets held within the holding company on the same terms. There could be any number of other assets/debts other rubbish etc in the holding company.
The purchaser of the company can have whatever else is in the company if another JV partners chooses to PE, but not the JV assets.
There needs to be a sound and transparent methodology to this, to establish the PE price.
I am with Whiskey on this, I will also bet my left one that the PE notice wasn’t compliant.
COP cited “confidentiality “.
It follows that FAR didn’t get to see inside the company and the deal, hence Cath’s comment. Nothing it seems, was transparent.
FAR asked to see, within the 30 days, and were brushed off.
COP WPL then changed tact claiming that PE rights never existed.
They then went on to close the deal which was in dispute?
It isn’t surprising that the Government hasn’t approved anything at this point including the development plan.
To me it is cut and dried except of the JV wording.
The intent is clear to everyone but the wording?
Hence the literal vs purposeful argument.
COP WPL on the literal side, hence now saying, PE rights never existed and of course FAR in the purposeful camp, hence the good Lord geriatric (in the kindest way who we dearly hope lives long enough), who it seems is a “purposeful “, proponent.
As a knowledgeable poster once said, it is an “iterative “, process.
If it is found that PE rights exist, then you simply go back to that point.
COP will be required to issue a complaint notice.
FAR can then choose.
As everyone knows, I believe that WPL isn’t wanted by the Government. That is why to this point the only thing that they have been able to get out of the Government is that they are “participating “, what a joke. Some bullsh#t arete.
You don’t see them cutting any ribbons for new hospitals or giving away soccer balls.
Is it because they are too mean, (well probably), but mainly because they aren’t allowed to. They are being “cold shouldered”.
If FAR get to PE there will be no deals with WPL.
A deal will be done with a “Major” that is preferred by the Government.
FAR will be rewarded by the arbitrage.
If FAR don’t win then the status quo.
Govt will likely have no option but to approve the sale but that, I believe is not their preference. The arbiters in Paris will know all this.
Probably some of the delays have been to suit the Government/ FAR other players.
Personally, I don’t believe that WPL will have a “tilt” at FAR because for reasons that I don’t fully understand myself they know that it will not succeed, either because of the major shareholders or the Government or both. At this point I think they are just a “passenger “, paying the bills.
I believe that this has been worked out at the highest levels with FAR the “vehicle”, and it doesn’t include WPL.
Why would it?
If you were Sall, who would you want to be operating the biggest thing in recent Senegalese history?
WPL are a sprat, and history has shown then to be an untrustworthy one at that.
We are all entitled to our opinion.
GLTA.